STO sells off shares at Addu International Airport to state
STO owns 40,000 shares worth MVR 1,000 in AIA.
Head Office for State Trading Organization (STO)
State Trading Organization (STO) has liquidated the company's shares at Addu International Airport (AIA).
STO's shares at AIA is set to be transferred under the state. With the addition of STO's shares, the government- who is the main shareholder of the airport- now has 60% of shares at AIA, followed closely by KASA holding with 30% of shares and Maldives Airports Company Limited with 10% of shares.
According to STO, the company owns 40,000 shares worth MVR 1,000 in AIA.
Addu International Airport (AIA) Limited was registered as a limited liability company in 2011 with the state, MACL and STO as shareholders. The company's spokesperson revealed that AIA has been operating at a loss as the airport's expenses have exceeded the company's profits.
