MTCC shares to sell for MVR 62

  • Five million shares to be sold
  • Expected to amass MVR 305 million
  • Issued to current shareholders

K. Male' | Rushdha Rasheed | 02-October-2017 | Monday 00:32 | rushdhar | Business | 1,302

Ceremony held to announce rights issue -- Photo by: Fathimath Shana Mohamed

Maldives Transport and Contracting Company Plc. (MTCC) is to sell off five million shares to their existing shareholders.

In the ceremony held in Hotel Jen, the company announced their rights issue.

The five million shares are expected to generate MVR 305 million and will be sold to 22,000 shareholders. The shares will be sold from 19th October to 3rd November. The share earnings will be used in development projects of the company.

In 2016, the company earned MVR 1.3 billion and made MVR 115.3 million in profits.

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