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MTCC earns MVR188 million after share sales

01 February 2018, MVT 10:40
An MTCC team pictured providing information on its shares to residents of an island. PHOTO/MTCC
01 February 2018, MVT 10:40

Maldives Transport and Contracting Company (MTCC) had initially aimed to earn MVR 310 million after share sales, but the company revealed on Sunday that the final sales were a lower amount of MVR 188 million.

In a press release, the company stated that by the end of the sales window, December 31, the company had sold a total of 4,334 shares, which amount to MVR 188 million as earnings.

MTCC had planed to sell a total five million shares to its shareholders, but by the expiration of the transaction window, the company had sold only three million shares.

The company decided to give the government the opportunity to buy its shares in an initiative to adjust the USD 11 million loan the state provided to purchase the company’s newest dredger “Maha Jarraff”.  From the MVR 188 million earned, MVR 169 million was adjusted as the loan given and hence been converted as equity.

MTCC had plans to sell a total of five million shares in this round at a rate of MVR 62, from November 19 to December 31. Only individuals who were registered as MTCC’s shareholders by October 9 were eligible to purchase shares. Currently, there are 22,000 shareholders registered in MTCC.

Meanwhile, the company has asked the Maldives Securities Depository to list shares in accordance with the listing regulations.

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