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STO sets dividend for 2018

Mariyam Malsa
24 April 2019, MVT 15:57
Head office of the State Trading Organisation (STO) located in the capital city of Male'. PHOTO: NISHAN ALI/ MIHAARU
Mariyam Malsa
24 April 2019, MVT 15:57

State Trading Organisation (STO), on Tuesday, announced that dividend from the profit earned in 2018 would be distributed to shareholders at a rate of MVR 58 per share.

The decision was finalised by STO's board of directors during a meeting held on Sunday.

The Annual General Meeting (AGM) of the organization for 2018 is scheduled for May 30.

Quarterly profit for 2018

First quarter: MVR 46 million

Second quarter: MVR 47 million

Third quarter: MVR 47 million

Fourth quarter: MVR 65 million

Senior management of STO, which dominates the local trade for goods such as oil, gas and cement, recently took steps to strengthen the company's financial standing.

This includes the decision to sell the five-star hotel currently under construction in the reclaimed suburb of Hulhumale.

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