MTDC commence sales of shares

Maldives Tourism Development Corporation (MTDC) has on Wednesday opened sale of the remaining 40 percent of the 688,123 shares offered for sale in July this year.

MTDC official said sale of the remaining 277, 557 shares commenced on Wednesday as announced earlier through Bank of Maldives (BML) branches and will sales continue till 4 November. MTDC is selling a share at Rf. 165 each.

MTDC informed that shareholders, who do not have the maximum amount of shares permitted, would be able to buy shares. However, he said the sale is targeted more at islanders, who do not have any shares.

He also said marketing activities aimed at providing information to islanders living in the atolls will commence next week.

MTDC commenced sale of some 688,123 shares to the public early July this year. The shares with a face value of Rf.100 were sold with a premium of Rf.65 at Rf.165 per share.

MTDC Managing Director Mohamed Mihad , speaking at a news conference held earlier ,said the sale of the shares , that time , exceeded expectations and that out of 688,123 shares some 410,713 were sold. He has said due to public demand and with the approval of the corporation’s board, the sale of the remaining 277,410 shares were to be opened after Ramadan.

He then said during the second round of sales of MTDC shares, 60 percent of the shares were sold generating Rf.67.7 million to the corporation. He revealed that over 400,000 shares were purchased by 3,856 parties.

The revenue earned from sales of the 688,132 shares is to be spent on the development of City Hotel in Uligamu of Ha Atoll. The hotel is designed to be a 3 star 100 beds tourist resort. MTDC reports work on the hotel will be completed and the hotel will be opened by end of the year.

MTDC has leased 9 islands for development of tourist resorts from the government. Out of which on Herethere Resort has been completed and opened for business. The rest of the islands are Uligamu, Vodamulla , Ebudhoofutta , Olhuvelifushi , Naagoshi , Kihavah huravelhi , Mamuddhua and Kodeymathilabadhoo.