Maldives Ports Limited (MPL) has listed a bond on the private market.
MPL listed its bond on the Private Securities Segment of Maldives Stock Exchange (MSE), “Viyana” platform. The bond is worth MVR 200 million and has a one year borrowing period.
According to MPL, it is seeking to raise MVR 50 million in equity through this bond listing, while the borrowers will receive a seven percent annual profit.
MPL's Chief Executive Officer, Shahid Ali, said that the company listed the bond to raise capital for its business expansion in light of the economic growth in the Maldives. He further assured that the bond investors will receive their profits as per the terms of the investment.
All parties registered with the private placement market will be able to purchase the bond, said MPL.
MPL’s bond listing arrangements were executed by First National Finance Corporation, including bond structuring, prospectus development, and due diligence.
The 2021 annual report of MPL revealed that the company earned MVR 650 million from sales and reported MVR 900 million in assets.