A privately owned local company has made history by becoming the first to be converted to a Public Limited company and listed on the Maldives Stock Exchange (MES).
The company that was listed on MES’ introductory platform is Spectra Public Limited, which supplies equipment for interior and exterior designing of buildings. It was founded in 2008.
The MES certificate was awarded to Spectra by Maldives Customs Service’ commissioner general Ibrahim Shareef and MES’ CEO Hassan Manik at a ceremony held in Hotel Jen late Tuesday. The certificate was received by Spectra’s managing director Ahmed Maumoon.
In his speech, Maumoon stated that Spectra’s management had adopted the Corporate Governance Code prior to its conversion to a public limited company. He disclosed that Spectra had commenced selling of shares within one and a half years of its founding.
“We have the capability to be a public listed company. That is the reason we started [this business],” he declared.
MES CEO Hassan Manik stated that, under their new policy, Spectra will receive a duration of three years to become a first listed company. However, he noted that the company aims to sell shares to the public and become a fully listed company within a year.
“It is great progress for a local private company to take such an initiative. As such, we’re working to make acquisition of funds via Stock Exchange the preferred option for companies,” he said.
According to MES, companies are listed under three platforms: Offer for Sale, Offer for Subscription, and Introduction.
While Spectra has been listed on the MES, it has yet to disclose its policies and rates for selling shares.