Maldives Islamic Bank (MIB) has announced that the bank has deposited its investor's shares of the bank's Initial Public Offering (IPO) in their respective Maldives Securities Depository (MSD) accounts.
According to the public notice released by the bank, the share details of every investor will be accessible via their respective MSD account.
Furthermore, they state the final deadline to invest the bank's stocks in the Maldives Stock Exchange (MSE) will be November 17th.
The bank states that at the end of the sale period of their shares, they had received 17،713 submissions from 16،146 investors amounting to a net worth of MVR356،533،100.00 (three hundred and fifty-six million and five hundred and thirty-three thousand, and hundred rufiya). They add that the amount is MVR112،408،100.00 (one hundred and twelve million, four hundred and eight thousand, and one hundred rufiya) more than expected.
The bank presented MVR244 million worth of shares for public sale following their registration at the Maldives Stock Exchange (MSE) after changing into a public company.
These shares include 4.5 million shares of MIB worth MVR 157 million, 2.4 million shares of the Islamic Corporation for the Development of the Private Sector (ICD) worth MVR87million and a total of 6،975،000 public shares, adding up to 31% of the bank's total shares.