MTCC has done everything possible in order to protect the rights of its shareholders according to Registrar of Companies, Ms Mariyam Visam. Visam added that Maldives Transport and Contracting Company Plc is one of the most important companies to be formed in the Maldives and even during its inception, it had all the features of a public limited company. The current rights issue by MTCC is a first of its kind and has been approved by the Ministry of Economic Development of Maldives.
During the Annual General Meeting held in August 2016, it was decided to split each share into 10 parts and issue shares to shareholders on a share per share basis. This opportunity will be offered to shareholders who have been registered as a shareholder of the company or who have been given the share purchase rights by another shareholder, before 16hrs on 9 October 2017. Rights Issue will be offered from 19 October 2017 to 3 December 2017. For the rights issue, a total of 5,000,000.00 shares at face value of MVR 5 will be issued to shareholders, for the price of MVR 62 per share.
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.
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.