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MedTech disburse MVR 2 M in Sukuk profits

Mohamed Rehan
28 November 2023, MVT 10:23
A MedTech centre.-- Photo: Mihaaru
Mohamed Rehan
28 November 2023, MVT 10:23

MedTech has disbursed MVR 2 million in Sukuk periodic profits to investors.

Earlier in 2023, MedTech Diagnostic sold Sukuks to interested investors to increase the company's capital for a prospective investment.

First National Finance Corporation (FNFC), the Sukuk's arranger, said the periodic profits have been deposited to investor accounts on Monday, November 27.

Investors stand to receive periodic profits twice every year for seven years.

MedTech, a local medical equipment and consumables supplier in the Maldives, listed its Sukuk on Viyana stock exchange portal as a private placement earlier in April 2023.

Within days after the Sukuk's listing, several investors had participated for it.

MedTech Sukuk's periodic profit was disbursed at the rate MVR 97.82 per share, which makes it a significantly higher rate of Sukuk profit disbursement from the most recent dividend distribution by other companies listed on the Capital Market Development Authority (CMDA).

MedTech sold Musharaka Sukuks worth MVR 30 million to develop a health and rehabilitation center in Hulhumale'. Investors will receive a 9 percent return on their investments.

CEO of FNFC Hassan Ziyath noted that Sukuk issued by MedTech encouraged the development of the Islamic finance market in the Maldives.

"We have certainty MedTech would continue to issue Sukuk as per the company's prospectus," Ziyath said.

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