Maldives Toursim Development Coperation to sell shares in December

Maldives Tourism Development Corporation has announced the sale of 833,000 shares next month. MTDC announced on Thursday that it will sell the shares through the Bank of Maldives starting on 3rd December at 10:00am. The sale of the shares will be closed on 15th January 2007 at 1:30pm. Shares are to be sold at Rf 100.

MTDC first announced that the company would sell more shares earlier this year, on 15th June. The company urged parties who were interested in the purchase of shares to be financially have the means ready by 3rd December.

The company’s Managing Director, Mohamed Solih, had previously announced that they were selling 800, 000 shares, and that each party would only be allowed to buy 100 shares, which is Rf 10, 000 worth of shares. The announcement had also stated that those who had bought 100 of the 1 million shares sold in the first time around would not be allowed to buy any shares in this second round.

Solih said that a supplement would be produced before the sale of more shares. According to the company’s policy, no party except the government may own more than 0.1 percent of the company’s shares. With an expected capital of Rf 1 billion, the company has sold 1.5 million of its 10 million shares to the government before opening the sale of shares to the public in the first round of sales.

650 shares for a board of directors consisting of seven appointed by the government, and an extra 300 shares owned by members who do not constitute the board have been paid for. If the initial 950 shares bought by the directors and the shareholders are not taken into account, 60 percent of the company is owned by the government, and 40 percent belongs to the public. Once MTDC sells the 833,000 shares from December to January, the public will own 55 percent, while the government will own 45 percent.

Source: Haveeru Daily