Mubeen resigns as RACL Managing Director

Ahmed Mubeen has resigned from his position as managing director of Regional Airports Company Limited (RACL).

Following his resignation, the company via its social media platforms, thanked him for his service.

His resignation comes as RACL prepares to merge with Maldives Airports Company Limited (MACL).

MACL’s managing director, Ibrahim Shareef Mohamed, told Mihaaru News that the merger is expected to be finalized within the next two to three months, with most of the work already completed.

RACL is one of the largest state-owned enterprises in terms of budget allocation. According to the Privatization and Corporatization Board (PCB), the company recorded a loss of MVR 95 million in 2023.

While RACL’s financial statements for the second quarter of last year were only recently published by the PCB, specific figures were not disclosed at the time as the company was undergoing a valuation.

However, records show that RACL received around MVR 35 million in capital injections during the second quarter and a total of MVR 113 million in 2023 to fund its operations.