MTCC collects MVR 188 million from share transactions

Photo: Avas

Maldives Transport and Contracting Company (MTCC) has collected a revenue of MVR 188 million from share transactions.

The state owned company opened their Initial Public Offering through Rights Issue on September 2017.

- Advertisement -

The share transaction window closed in December with the company closing a total of 4334 successful share deals. The shares sold had garnered MVR 188 million to the company by 2017.

MTCC had initially aimed to raise MVR 305 million through the sales of company shares, which resulted in a nationwide share transaction program to attract possible future shareholders.

MTCC confirmed that the corporation had successfully sold a total of 3,038,097 shares to 4334 different parties and raised an income of MVR 188,263,014.

MTCC had 250,000 shares when the company was established in 1980. The company sold off their shares for MVR 16 per share in 2013, however they increased their share price to MVR 24 per share in 2017.

- Advertisement -