MTCC to issue more shares

  • MTCC to issue additional shares
  • Number of shares to be revealed later
  • MVR 32 to be disbursed as share earnings for last year

Maldives Transport and Contracting Company Ltd (MTCC) has revealed that the company will issue additional shares.

Answering a question posed by a shareholder in last night's AGM held at Hotel Jen last night, Chairman Hussain Salim said they were preparing to issue more shares and will be making changes to the articles of association of the company, as required.

"We will change the articles to address contemporary issues and issue shares afterward. We hope to issue the new shares in the next AGM," Salim said.

He added that some of the shareholders had passed away and were clearing and updating their information.

"Share sales were issued for 1980 shares through slips. Some of them have died. Over two years we have managed to update our databases, through the Secretariat. Out of the 22000 shareholders, information on 5000 shareholders have yet to be updated," Salim said.

"Some shareholders have died, their cases are pending in the courts. These issues have yet to be resolved" Salim said.

The company last night had passed to disburse MVR 32 as share earnings for last year