- MTDC shareholders approved a MVR 0.50 per share dividend, totaling MVR 17,043,677, matching last year's payout but below earlier MVR 0.60 distributions.
- Five public investor representatives were elected to the board, including former Prosecutor General Ahmed Muizzu, amid public investors holding 53 percent of shares.
- MTDC faces scrutiny over alleged plans to transfer the Magoodhoo lease and a proposed rights issue that critics say could hand the government majority control.
Shareholders of the Maldives Tourism Development Corporation (MTDC) have formally approved a dividend payout of MVR 0.50 per share during the state-backed enterprise’s Annual General Meeting (AGM), according to corporate reports and meeting disclosures.
The decision sanctions a total distribution of MVR 17,043,677 from the corporation’s equity base of 34,087,354 shares. The dividend matches the previous year’s payout of half a Rufiyaa per share, though it falls short of earlier distributions of MVR 0.60 per share. Public investors currently hold 18,428,278 shares (53 per cent) of the corporation, while the Maldivian Government retains the remaining 15,659,076 shares (47 per cent).
During the AGM proceedings, shareholders elected five representatives to sit on the board on behalf of public investors: former Prosecutor General Ahmed Muizzu, Aishath Leeza, Aiminath Azlifa, Minna Rasheed, and Ibrahim Latheef.
Trading records from the Maldives Stock Exchange show MTDC shares holding between MVR 13.70 and MVR 14.76. Market analysts report that share values briefly climbed by approximately MVR 2.00 following widespread market speculation regarding potential restructuring of the company’s equity framework. However, share prices have since resumed a gradual downward trend.
The financial approvals arrive alongside ongoing public scrutiny surrounding MTDC’s asset portfolio. Media reports previously alleged that corporate executives were preparing to transfer the head lease of GDh. Magoodhoo—currently subleased to Turkish firm Ahmet Aydeniz Maldives for the operation of Ayada Maldives—for USD 1.5 million ahead of the lease expiry in 2031. Industry projections cited in local media warned that such a transaction could cost the corporation up to USD 20 million in lost sublease valuations.
In response to the reports, MTDC management issued statements dismissing claims of selling corporate resort leases below market value as entirely false and factually inaccurate. Executive board members maintained that the corporation remains the sole legal owner of its primary leases and has not entered into any binding agreement to dispose of fixed assets.
Media reports and parliamentary inquiries further highlight concerns over a proposed rights issue structure. Critics and opposition lawmakers allege that offering existing investors discounted shares through a rights issue could allow the state to absorb unpurchased public allocations, thereby granting the government majority control of the corporation. MTDC officials maintain that all capital alterations comply strictly with regulatory standards aimed at safeguarding long-term shareholder value.
