MTDC to develop resorts via joint-venture

Maldives Tourism Development Corporation (MTDC) has decided to develop some of the islands it obtains for tourism development by forming joint-venture companies with people who do not own any shares in resorts. As an added incentive, MTDC will own 51 percent of the company while the other company will be given 49 percent share of the joint-venture company.

Chairman of the Corporation’s Board of Directors Hussain Afeef said that even though MTDC would develop islands via joint-ventures the company would always look for ways in which the public limited company’s 55 percent shareholders, the public, would be benefit most.

MTDC’s Managing Director Mohamed Solih said that any person older than 18 years who does not have any share of a resort or company running a resort and submits a bank guarantee of US$ 10,000 (Rf 128,500) can become shareholders of the 41 percent of the joint-venture company.