Amana Takaful Life shares debut today

The ordinary voting shares of Amana Takaful Life Limited will be listed on the secondary Diri Savi Board of the Colombo Stock Exchange (CSE) today.

The security code given for the share is ATLL-N-0000. The company will be classified under the banks, finance and insurance sectors.

ATLL is the first Sri Lankan company to announce an initial public offer (IPO) post segregation of the country’s insurance industry.

The company offered 50 million ordinary voting shares at Rs.1.50 each to raise Rs.75 million.

The issue was oversubscribed on the opening day. ATLL was initially funded through a rights issue, which raised Rs.400 million in late 2014.

According to the latest financial data, the company has a stated capital of Rs.500 million.

The company releasing a statement in May said it had made a profit of Rs.18.0 million for the year ended December 31, 2015.

The company had also recorded a gross written premium (GWP) of Rs.928 million for the financial year ended December 31, 2015, marking a 35 percent growth year-on-year (YOY), which outperformed the industry growth of 20 percent.

But the parent company Amana Takaful PLC made a net loss of Rs.30.3 million or loss per share of two cents for the quarter ended March 31, 2016.

The group has operations in the Maldives through Amana Takaful Maldives PLC.

As of March 31, 2016, Amana Holdings Limited held a 60.44 percent stake in the group followed by Amana Bank Limited and Expolanka Holdings PLC with 15.26 percent and 5.27 percent, respectively.