In order to obtain over MVR 310 million, MTCC has begun to sell their shares throughout Maldives under their rights issue. MTCC will be selling their shares in Male’ on the 3rd floor of MTCC Tower.
By officially launching MTCC Rights Issue, General Manager Ismail Aduham said that over 9 teams will be actively taking part in the sale of shares throughout Maldives. MTCC CFO Mohamed Hilmy said that the whole purpose of the rights issue is to fund their suction hopper dredger Maha Jahraaf as well as extra funds required to run that mega project. Through this rights issue, we will be able to fund the extra equipment required as well as the added working capital, Hilmy added.
CFO Hilmy added that “this is rights issue for all Maldives across the atolls. If given permission, Shares can be transferred as per required. We are encouraging our recurring shareholders to buy shares. If shareholders are not interested in the shares, they are to notify us at the earliest so that we can pass the shares onto interested parties.”
Maldives Transport and Contracting Company (MTCC) signed an agreement with Maldives Securities Depository (MSD) whereby MSD was appointed as the service agent for MTCC Rights Issue.
Maldives Transport and Contracting Company Plc first sold their shares to the public in 1980. In 1984, they went for the second round of shares and now the company is preparing to sell their shares for a third time under a rights issue.
During their 2016 annual general meeting, MTCC split every 1 shares into 10 shares at a ratio of 1:1 and invited all their recurring shareholders to purchase additional shares under a rights issue.
Under their rights issue, shares can be bought by individuals who have registered as MTCC shareholders or an individual who has been given sole authority by a recurring shareholder to purchase their shares by 4 pm on 9th October 2017. MTCC opened up their rights issue sale on the 19th of October 2017 and will run until 3rd December 2017.
MTCC is set to sell their shares at MVR 62 per share. Individual Shareholders will claim their shares on a permanent basis as long as it does not exceed 5% assets of the company. MTCC is set to become the first company to sell shares under a rights issue.
Ever since being founded in 1980, as the first public limited company of Maldives; Maldives Transport and Contracting Company has been at the forefront of infrastructural development as well as constant innovations in the transportation industry of the Maldives.
