Maldives Tourism Development Corporation (MTDC) commence sale of shares

Thursday, 9 July 2009 08:11

Maldives Tourism Development Corporation (MTDC) has commenced sale of some 688,123 shares to the public. The shares with a face value of Rf.100 are sold with a premium of Rf.65 at Rf.165 per share. A maximum of 3,333 shares are to be sold to each individual.

Briefing the media at Fansavees Maalum , the corporation’s Managing Director Mohamed Mihad said only 688,123 shares will be sold this time and that these shares are what have been left of the 833,000 shares that were allocated for sale in 2006.

“We are opening this opportunity to sell off the remaining shares of the second round of sale, each share cost Rf.165, sales of our shares will be managed by Bank of Maldives, purchasing forms can be obtained from branch offices of Bank of Maldives in Male’ and atolls, in islands without a branch office of Bank of Maldives, forms can be obtained from atoll dhoni when it arrives in the island, island offices will provide necessary assistance and support” Mihad said.

He said during sale of shares, priority will be given to members of public who do not already poses any share or to members of the public having shares less than a 100.
MTDC shares can be purchased till 1300 hours Tuesday 18 August and the money generated from sale of 688,123 shares are to be invested on the development of City Hotel in Ha Uligamu. The City Hotel is a hundred beds -resort and is expected to be completed and opened by end of this year, MTDC has said.

MTDC leased 9 islands from the government for development of tourist resorts. One of the resorts, Herethere Resort in Addu Atoll, is already opened. Other islands under development are Uligamu , Vodamulla , Ebudhoofushi Oluveli , Hdh Naagoshi , Baa Atoll Kihavahhuravelhi , Gdh Mamuddua and Ga Kodeymathilaabandhoo.


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