ADK Hospital has closed the second and final tranche of its corporate bond programme, with the offering oversubscribed.
The bond programme, structured in two tranches of MVR 50 million and MVR 70 million, raised a total of MVR 120 million. It marks the largest private market fundraising completed by a single issuer in the Maldives to date.
The ADK bond programme also represents the largest capital raising arranged by First National Finance Corporation over the past four years, during which the firm has supported finance raising for six companies.
Structured as a conventional bond, the ADK Bond offers investors a fixed annual coupon of 8 percent with a five-year maturity. The oversubscription reflects investor confidence in ADK Hospital’s long-term growth plans and the continued development of the Maldivian capital market.
Proceeds from the bond programme will be utilised to finance the construction of a new 13-storey extension to the existing ADK Hospital. The development includes expanded inpatient and outpatient facilities, enhanced healthcare services, patient amenities, and underground parking infrastructure. The project is expected to strengthen healthcare delivery capacity in the Maldives while reducing reliance on overseas healthcare services.
ADK Hospital signed the construction agreement for the project with Rotime Engineering and Technology in February 2026. Site clearance and mobilisation works are currently underway.
Commenting on the closure of the bond programme, Managing Director of ADK Hospital Ahmed Afaal stated:
“We are encouraged by the strong confidence shown by both institutional and retail investors in this bond programme. The successful oversubscription reflects trust in ADK Hospital’s long-term vision and reinforces our commitment to expanding healthcare infrastructure and delivering high-quality patient-centred care in the Maldives.”
Chief Executive Officer of First National Finance Corporation Hassan Ziyath also commented on the milestone, stating:
“This successful issuance represents an important milestone for both ADK Hospital and the Maldivian capital market. The strong investor response demonstrates growing confidence in well-structured investment opportunities and reflects the increasing depth and maturity of the local capital market ecosystem.”
ADK Hospitals Pvt Ltd is the largest private tertiary healthcare provider in the Maldives, operating under the ADK Group. The hospital has introduced several clinical advancements in the country through continued investments in infrastructure, technology, and human capital.
The issuance was managed by First National Finance Corporation Private Limited, acting as Lead Arranger and Principal Adviser to the offer. In this role, First National was responsible for structuring the bond, overseeing regulatory compliance, coordinating investor engagement, and managing execution of the offering.
