The government on Monday transferred the mandate of the Greater Male' Industrial Zone Ltd (GMIZ) to Housing Development Corporation (HDC).
According to a circular by GMIZ, under the first phase of the merger, all of GMIZ's assets and liabilities, as well as the responsibility for its employees, will be transferred to HDC.
GMIZ revealed that the decision was based on an analysis of the financial performance of the companies and to consolidate the development of the Greater Male' Region.
At the moment, HDC is tasked with solely managing the reclaimed suburb of Hulhumale'.
Earlier in August, the Privatization and Corporatization Board (PCB) sent a letter indicating a change to the company shares, in addition to the reduction of its board members from seven to five.
GMIZ was formed by the former administration after Gulhifalhu Investment Limited (GIL) merged with Thilafushi Corporation Limited to jointly manage the two industrial islands.