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MIB marks listing on Maldives stock exchange

Shahudha Mohamed
23 November 2019, MVT 11:51
Maldives Islamic Bank (MIB)'s listing event held at Dharubaaruge following their first Initial Public Offering (IPO). PHOTO: MIB
Shahudha Mohamed
23 November 2019, MVT 11:51

Maldives Islamic Bank Plc (MIB), on Sunday, held the company's listing event at Dharubaaruge Ranabandeyri Maalam.

The event was held to mark MIB's listing on Maldives stock exchange following the bank's Initial Public Offering (IPO) which was launched on June 30, 2019.

Speaking at the event, Managing Director and CEO of MIB extended his gratitude to ICD, NDB Investment Bank (NDBIB), Capital Market Development Authority (CMDA), ROC, Maldives Securities Depository (MSD), Shah, Hussain and Co., Think Associates, Dhiraagu, Ooredoo Maldives and Bank of Maldives (BML), for their role in making the IPO a success.

"I am told that this is the most successful IPO in the recent history of the Maldives and this would not have been possible without the guidance from the Board of Directors and the dedicated and hardworking team at MIB", he said.

The IPO offered 6,975,000 shares for public subscription and purchase, towards raising a total of MRV 244,125,000. However, at the end of the 35 market days subscription period, the IPO was oversubscribed by 46.05 percent.

According to MIB, the bank especially takes pride in the fact that 16,084 investors of the IPO, representing 99.63 percent of the investors, are from retail with 60 institutional investors, as this achievement aligns with MIB’s original founding vision and IPO aim of encouraging greater participation of the Maldivian public in the ownership of the bank.

Speaking at the event, Minister of Finance Ibrahim Ameer stated that the government acknowledged MIB's contributions towards the growth of the economy and the important role the bank will continue to play in the development of the nation.

"I am confident that the bank is more than prepared to undertake this heavy burden", he added.

In addition to the minister, Governor of Maldives Monetary Authority Ali Hashim, Director of Financial Institutions Development of ICD Amir Hussain Khan, Chairman of Maldives Stock Exchange Mr Alau Ali, Chairman of Maldives Islamic Bank Najmul Hassan and other prominent figures attended the event.

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