Maldives Transport and Contracting Company Plc first sold their shares to the public in 1980. In 1984, they went for a 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 share 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 will open up their rights issue sale on the 19th of October 2017 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.” MTCC Chief Executive Officer Ibrahim Ziyath said speaking exclusively to Corporate Maldives.
While MTCC is the first company to sell shares to the public, by being the first company to open up for a rights issue, MTCC is set to change the course of history in the Maldivian Stock Market.
“In recent times, the average trading price for MTCC shares in the Maldivian Stock Market was MVR 250 while MTCC shareholders will be able to purchase shares during the rights issue at just MVR 62. Due to the opening up of a rights issue, MTCC shareholders will be able to bank on a golden opportunity.” CEO Ziyath added.
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.