Amana Takaful PLC Concludes Rights Issue, Raises Over Rs. 1 Billion Amid Strong Shareholder Demand

Amana Takaful PLC has successfully closed its Rights Issue, raising more than Rs. 1 billion through the allotment of over 52.8 million new ordinary voting shares priced at Rs. 19 each. The offer, extended exclusively to existing shareholders, was oversubscribed by 68.8%, signaling solid investor confidence in the company's direction.

The response builds on a period of steady expansion for Amana Takaful, which has invested in digital initiatives such as a revamped mobile app and streamlined claims processing, alongside growth in its motor, medical, and broader general insurance offerings. The company has also picked up several industry accolades along the way, including recognition among Sri Lanka's Most Awarded Companies.

Siva Karthigun, CEO of Amana Takaful General Insurance, said the strong uptake reflects shareholder confidence in the company's long-term strategy and digital transformation efforts, adding that the additional capital strengthens the company's financial position as it moves into its next growth phase.

Shareholders were offered three new shares for every fourteen held. Proceeds from the issue are earmarked to support the company's ongoing growth and to prepare for the upcoming implementation of SLFRS 17 and SLFRS 9. The capital raise also bolsters Amana Takaful's Tier I Capital, providing greater financial flexibility for future expansion in its General Insurance business.

Asia Securities Advisors (Pvt) Ltd served as the Consultant Broker to the Rights Issue.