MTCC decides to go non-dilutive; announces date to begin selling shares

  • The company said that only shareholders who have held shares until 9th October are eligible to buy more
  • MTCC revealed that they would be selling shares at MVR 62
  • In 2016, MTCC had placed dividends at MVR 24 per share

K. Male' | Shan Anees | 16-October-2017 | Monday 08:12 | twitter | Business | 780

The MTCC's General Assembly for last year held in May, 2017 -- Photo by: raajjemv

The Maldives Transport and Contracting Company (MTCC) has said that the company will be selling shares later this month via rights issue.

MTCC, which announced that it would be a public trading company in late September, will be dividing unsold shares into 10 and selling them to existing shares holders.

The company said that only shareholders who have held shares until 9th October are eligible to buy more. The company will begin selling shares on 19th October until 3rd December.

Earlier this month, MTCC revealed that they would be selling shares at MVR 62.

In 2016, MTCC had placed dividends at MVR 24 per share. The dividends were set after a vote from 99 percent of the company’s shareholders.

MTCC had made garnered 1.3 billion in 2016, with a profit of 115.3 million. However, this amount is 26 percent lower than that of 2015.



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