Medtech Maldives Launches MVR 80 Million Sukuk for Malé Development
- Medtech Maldives is raising MVR 80 million through a Parallel Istisna' Sukuk to finance an oceanfront Malé development housing clinics, medical facilities, offices, parking and a terrace restaurant.
- The sukuk offers 80,000 certificates at MVR 1,000 each in two series: MVR 32 million over seven years at 9.00 per cent, and MVR 48 million over nine years at 9.50 per cent.
- First National Finance Corporation is lead arranger; the offer is listed on the Maldives Stock Exchange's Viyana Board with subscriptions open until 30 November 2026 and a MVR 10,000 minimum per series.
Medtech Maldives Private Limited is seeking to raise MVR 80 million through a Shariah-compliant sukuk to finance a proposed oceanfront development in Malé that will house clinics, medical facilities and offices. The project also includes vehicle parking and a terrace restaurant.
The Parallel Istisna’ Sukuk comprises 80,000 certificates with a face value of MVR 1,000 each, offered in two series. The MVR 32 million first series has a seven-year term and an estimated annual profit rate of 9.00 per cent. The MVR 48 million second series has a nine-year term and an estimated annual profit rate of 9.50 per cent.
Profit distributions are scheduled annually, with principal due to be repaid at maturity, subject to the terms of the prospectus. The minimum subscription is MVR 10,000 per series.
“The Sukuk will finance the development of our modern high-rise office and health care facility building that will support the Group’s next phase of strategic growth. We look forward to building investor confidence through disciplined execution and sustainable value creation,” said Mubah Rafeeu, Managing Director of Medtech Maldives.
First National Finance Corporation is the lead arranger for the issuance.
“As lead arranger, we are pleased to connect Medtech with investors through a Sukuk that supports its landmark project and broadens Shariah-compliant investment opportunities,” said Hassan Ziyath, Chief Executive Officer of First National Finance Corporation.
The offer is listed on the Viyana Board of the Maldives Stock Exchange, with subscriptions open until 30 November 2026. Investors can contact First National Finance Corporation on +960 4009855 or at info@firstnational.mv for information and assistance with subscribing.
