Maldives Stock Exchange elects new chairman

Alia Investments Pvt Ltd’s managing director Alau Ali has been appointed the new chairman of Maldives Stock Exchange (MSE).

In a statement released Sunday, MSE and Maldives Securities Depository (MSD) said their former chairman Mohamed Manih Ahmed resigned from his post on October 5. The managing director of Mookai Hotel and Summer Island, Manih still remains a member of MSE’s Board of Directors.

Following Manih’s resignation, Alau Ali, who is the managing director of one of the oldest trading firms in the Maldives, was elected as the new chairman.

“It is my hope for MSE, MSD and CMDA (Capital Market Development Authority) to work well with state institutions and reach new levels with brighter futures,” he said.

MSE’s Board of Directors features five other members in addition to Alau and Manih with MSE’s CEO and managing director Hassan Manik, company secretary Ibrahim Waheed and directors Ilyas Haneef, Mohamed Jaish Ibrahim and Mohamed Nizam.

Currently, there are ten firms listed on the Maldives Stock Exchange, the majority of which are state companies. The list added private firms recently such as the shipping and logistics company Centurion and telecom giant Ooredoo Maldives.