- Total of 390 shareholders attended AGM
- Largest number of shareholders attending an AGM
- Passed to disburse MVR 57 per share as earnings
From Kurumba Maldives: Mohamed Afrah
Of late the AGM's of state owned companies had been poorly attended. However, last night's STO AGM was well attended by many of the company's shareholders, making a record.
"This is a first in the company's history, with the largest number of shareholders," STO Chairman Ahmed Niyaz.
Three hundred and ninety shareholders had attended the AGM held last night in Kurumba Maldives. Why had such a large number of shareholders attended the meeting? What is the shareholder vision for the company?
An STO shareholder said many shareholders attended the AGM because they were assured of the company's long term prospects.
"They have a good return from their investment. They feel STO is making their investments work," a shareholder said. He said STO's hallmark program to open a pharmacy in every inhabited island was a complete success.
Speaking in the opening, STO Chairman Ahmed Niyaz said a record number of shareholders had confirmed their attendance to this AGM and that his was a first for the publicly listed companies in the country.
"This is the first AGM for a publicly listed company, having so many shareholders attend the meeting. This is an incredible success for the company and we want to thank the shareholders for this. This is the first time we had announced for registrations," Niyaz said.
STO had passed to disburse MVR 57 per share as earnings for last year. However, the company had disbursed MVR 76 per share the previous year. Last year the company earned MVR 7.1 billion and MVR 435 million as profits.
