State Trading Organisation (STO) has announced that it will be renouncing its share in Addu International Airport.
STO has announced this decision on gazette and has also highlighted in their statement that they own 40,000 shares at the face value of MVR 1,000 per share at Addu International Airport (AIA). STO is also working on transferring the ownership of the shares at the book value to its main shareholder, the Maldivian government.
This decision was taken as AIA is struggling with heavy debts according to a 2019 review conducted by the Privatisation and Corporatization Board (PCB). PCB also found that the company is not in a state to pay the debts nor finance further debts.
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