Centurion becomes first private firm to go public

Local shipping and logistics firm Centurion became the first private company in the Maldives to offer shares to the public.

Centurion publicised its prospectus booklet detailing its share offers, the first step to selling shares, on Thursday.

Prior to Centurion, private firm Spectra Public Ltd, of which Centurion’s chairman Ahmed Maumoon is a shareholder, became the first Maldivian private firm to be listed on the Maldives Stock Exchange last June. However, as Spectra is yet to sell shares, Centurion has officially become the first Maldivian private company to sell shares to the public.

Speaking at the ceremony held in Champa Central Hotel in capital Male, Centurion’s chairman Ahmed Maumoon announced that 49 percent of company shares (6,757,800) will be sold at a rate of MVR 25 to individual citizens, companies and associations. Maumoon added that each entity must purchase minimum four shares.

As a period of 15 days is necessary from the publishing of the company’s prospectus to selling shares, Maumoon stated that selling of shares will commence October 20 until December 13. Centurion focal points have been established in all islands through which interested parties can access their prospectus and purchase shares, he said.

Founded in 2010, Centurion is a firm that provides importation and storage of cargo, and shipping them across the Maldives. Moreover, it also serves as an agent to major international shipping lines, and delivers food that spoils quickly and other goods in specially designed vessels to resort islands.

Centurion’s managing director Aiman Jameel said the decision to sell company shares was taken to procure the necessary facilities to further develop its shipping and logistics sector. The company aims to earn MVR 168,945,000 via selling shares with which they plan to acquire a number of marine vessels including 10 cargo ships, a tug and barges. Centurion is also looking to develop a warehouse.

In response to reporters’ questions concerning Maldives Stock Exchange’s lack of development and subsequent lack of benefit to the public, Maumoon declared that the main reason companies, which sell shares, do not advance is due to one entity controlling the majority of shares. However, he assured that Centurion has no intention of following that path, adding that its Board of Directors features independent members to prevent such actions.

Centurion’s policy of selling shares is to split 50 percent of its net profit with its shareholders. The company also aspires to maintain the same rate of selling shares for five years.

Centurion is the seventh company to be listed on the Maldives Stock Exchange, which features state-run companies and firms with international shareholders, including Bank of Maldives Ltd (BML), Maldives Transport and Contracting Company (MTCC), State Trading Organisation (STO), Maldives Tourism Development Corporation (MTDC) and local telecom company Dhiraagu.