First National Finance Corporation has been selected as the lead manager to raise finance in the tune of MVR 200 Million by Maldives Ports Limited. This is the first time a local party has become a lead manager in arranging finance.
First National was selected as the lead manager through a competitive bidding process. Maldives Ports Limited invited licensed investment advisors by Capital Market Authority (CMDA) to send proposals for the provision of the service by sending Request for Proposals (RFP) dated 10th February 2022
The CEO of First National, Hassan Ziyath commended the initiative taken by MPL to raise finance through capital markets. Certainly, MPL’s bold decision would be a key milestone in the development of capital markets in the Maldives. He stated that he is humbled by the commitment at the policy level; Ministry of Trade Economic Development to Ministry of Finance as well as from the market regulatory agencies to develop the financial system, to make it fair, efficient and inclusive.
It is a happy day for First National to be the first ever lead manager in the country for a MPL, a very well-run company with a great vision and an integral and indispensable part of our economy and livelihoods. First National is confident of a great financial product to the market with broad based appeal from local as well as international buyers, said the CIO of First National, Abdul Haleem
Under the agreement, First National, in collaboration with MPL finance team will undertake the origination, regulatory approval, marketing and distribution process of the issue. First National, envisages strong demand from broad spectrum of investors ranging from retail to institutional for both conventional and Sharia complaint investment products. The retail segment has been showing great interest in Sharia complaint investment products.
Maldives Ports Limited (MPL) was incorporated on 31st July 2008 as a 100% government owned company under the Company’s Act of Maldives. The core purpose of the company is to ensure the efficient management and operation of government owned ports and port facilities in the Maldives. MPL is the primary backbone for importation and exportation of manufactured goods between the Maldives and international destinations.
According to MPL’s latest pre-covid annual report, the company’s turnover is over MVR 796 Million and generated over MVR 160 million in Operating Profits while the Company’s total assets stood at over MVR 1.7 Billion. The total volume of cargo handled for the financial year 2019 was recorded at 2,348,641 FTs.
