President Dr Mohamed Muizzu officially established a new state-owned enterprise, Infrastructure Development Solution Company Limited, under Article 15 of the Companies Act yesterday.
According to the notice published in the Government Gazette, the company has been created with the primary goal of accelerating infrastructure development across the Maldives. It aims to deliver construction services in both densely populated urban areas and sparsely populated rural communities. The company will employ modern technologies and tools to carry out construction works, casting, and other essential construction tasks.
The government fully owns the newly formed entity and has granted it an authorised capital of MVR 100 million. This capital comprises 10 million shares, each with a nominal value of MVR 10.
As an independent legal entity, Infrastructure Development Solution Company Limited will operate with its own official seal. It will have the legal authority to enter into contracts, as well as to initiate or respond to legal proceedings in its own name.
