Government moves to acquire majority stake in Dhiraagu and transform MWSC into a fully state-owned enterprise

President Dr. Mohamed Muizzu has announced a decision to make Dhiraagu a government-majority company and to transition the Maldives Water and Sewerage Company (MWSC) into a 100 percent state-owned enterprise.

This was revealed by President Muizzu during a press conference held on Monday. The President stated that following the Cabinet's decision to increase the government's stake in Dhiraagu to 50 percent, the necessary proceedings have now commenced.

President Muizzu further stated that all necessary efforts to achieve this would proceed at a rapid pace. However, he did not provide any additional details.

We believe that increasing the state's shareholding in Dhiraagu to 50 percent is an essential step toward serving the public interest, diversifying the economy, and ensuring the continued growth of the Maldivian economy.

President Muizzu

Dhiraagu was originally established as a joint venture, with the Maldivian government holding a 55 percent stake and the UK-based Cable & Wireless holding the remaining 45 percent. However, in 2009, a 7 percent stake in Dhiraagu was sold to Cable & Wireless for $40 million.

Furthermore, President Muizzu announced that efforts are underway to transform MWSC into a company with 100 percent Maldivian ownership. The President emphasized that this transition is a necessary step to better serve the public.

The government currently holds an 80 percent stake in MWSC, while the remaining 20 percent is owned by Japan's Hitachi. President Muizzu has announced that the government has decided to acquire this 20 percent stake.