State Trading Organisation (STO) made history last night by distributing dividend payments to shareholders during its Annual General Meeting (AGM), a first for a public company in Maldives.
The AGM, held at Barcelo Nasandhura, saw shareholders approve a dividend of MVR 80 per share, matching last year’s payout.
This comes despite a drop in both revenue and profit for the company the previous year.
In total, STO will distribute MVR 90 million in dividends. Of this, MVR 17 million will go to ordinary shareholders, while the remaining MVR 73 million will be paid to the government.
In a moment that drew applause, shareholders confirmed during the meeting that dividend payments had already been deposited into their accounts. “We have received the dividend we just voted on, this is a record in the Maldives,” said one shareholder during the session.
“Years ago, I had to call the company repeatedly to ask about dividends. But now, STO has become an exemplary company in serving its shareholders.”
Several shareholders praised the company for allowing over 90 minutes of open question and answers without time restrictions.
“You’ve set a precedent. A very good example for others to follow,” another shareholder added.
The meeting, which began at 9:00 pm, was attended by 129 shareholders. All questions raised during the session were addressed by company representatives before the meeting concluded at midnight.
