Vodamula subleased to Fathuru Maldives

Thursday, 11 September 2008 10:33

Maldives Tourism Development Corporation (MTDC) has leased the island of Ga. Vodamula to Fathuru Maldives for a period of 24 years. Fathuru Maldives is a company in which MTDC has 51% interest. The island of Vodamula is one of the islands given to MTDC by the government for the development and operation of a 300 bed tourist resort. The island was released to MTDC by the government for a period of 24 years.

According to Fathuru Maldives, under the terms of the lease agreement, the company is required to pay an average bed rent of US $ 9385 per bed per year for the first 10 years to MTDC. Further the construction is to be completed within 18 months from the date of receiving the authority to proceed with construction from the tourism ministry, which is given on submission of the resort concept and necessary plans and design of the resort.

The 51% share of MTDC in the company is to be paid up within 10 years through the lease rent,

Farthuru Maldives said.
Fathuru Maldives revealed that as per the decision taken at the Special General meeting on the 17 th of July this year, the company’s memorandum of articles have been amended to reflect corporate governance code and the company has been registered at the Trade Ministry on the 17 August 2008. The paid up capital of the company is Rf.200 Million Rufiya. The 51 % owned by Fathuru Maldives is at present owned by MTDC and the rest 49 % is to be sold to the public.

The Company informed that it was in final stages of opening up its shares for the first time to the public. The company estimates to commence selling in October.


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