Ooredoo Maldives Plc has announced the sale and transfer of 1.5 million shares of its subsidiary, Techfin Maldives Pvt Ltd, to OFT International LLC. The decision was approved by shareholders during the company’s Extraordinary General Meeting (EGM), held virtually on 15 December 2024.
Techfin Maldives was established on 16 May 2024 to comply with the regulatory requirements of the Maldives Monetary Authority (MMA) regarding the Payment Service Provider Licence. The subsidiary was created to manage Ooredoo Maldives’ payment service operations under a separate entity.
The newly approved share transfer involves OFT International LLC, a limited liability company incorporated in Qatar. Both Ooredoo Maldives and OFT International share the same ultimate beneficial owner, Ooredoo Q.P.S.C – Qatar.
Ooredoo Maldives reiterated its commitment to enhancing its services, including digital payment solutions, while introducing new opportunities and technological advancements that contribute to the community’s growth.
The company remains a key player in the Maldives’ telecommunications and digital services sector. In 2023, Ooredoo Maldives reported revenues of MVR 2.1 billion and a profit after tax of MVR 685 million.
This transaction highlights Ooredoo Maldives’ continued focus on compliance with regulatory frameworks while driving innovation and efficiency within its payment service operations.