The Edition


MTDC schedules AGM for August 29

Fathmath Shaahunaz
13 August 2020, MVT 10:17
During MTDC's Annual General Meeting held in 2018. FILE PHOTO/MTDC
Fathmath Shaahunaz
13 August 2020, MVT 10:17

Maldives Tourism Development Corporation (MTDC) on Wednesday announced its Annual General Meeting (AGM) slated to be held on August 29.

In a notice, MTDC stated that the AGM will be held at 2100 hrs via Maldives Securities Depository (MSD)'s online meeting management system 'Fahi Vote'.

All stakeholders registered at MTDC before 1200 hrs on August 23 are eligible to participate in the AGM.

Stakeholders and proxies are to register for MTDC's AGM through MSD's portal before 2100 hrs on August 28.

MTDC stated that this year's AGM is crucial as the company will commence disbursement of dividends for the first time in 11 years.

MTDC's board has approved to propose a dividend of 50 Laari (MVR 0.50) per share at the AGM.

The company began to sell its shares in 2007 at an initial rate of MVR 100. However, MTDC lowered the face value of its shares to MVR 10 from 2014 onwards. With this development, the company accordingly increased the number of shares sold to buyers before 2014.