- Listing to be done to raise funds for projects
- First Maldivian company to be listed on a foreign stock market
- Mauritius market value listed over 5 billion dollars
The biggest construction company of Maldives, MTCC has begun discussions to be listed on the Mauritius Stock Exchange. This is the first time in Maldivian history for a Maldivian company to be listed on a foreign stock market.
Managing Director of MTCC Ibrahim Ziyath said while speaking to "Avas" that work has been started to list MTTC on the Stock Exchange of Mauritius (SEM). He also said that this was a decision reached by the board of the company. While MTCC has begun work to be listed , permission for the listing has not yet been given by the Stock Exchange of Mauritius.
The application is currently being reviewed.
"We began preparations after the board decided to work on being listed. But the decision to be listed has not yet been made." Ziyath said. He also said that the purpose of being listed is to generate money for projects, and that this would also make it easier to raise capital.
"Listing would make it easier to get finance. But a decision has not yet been reached on this," Ziyath said
MTCC began on work on being listed after the agreement last year between Maldives Stock Exchange (MSE) and Stock Exchange of Mauritius (SEM) which would make cross border listings easier.
The Mauritius stock market was opened in 1988, has over 40 companies listed on it, which include companies such as GreenBay Properties, MSB, Mauritius Oil Refinery, Mauritius Union Insurance as well as the Mauritius Development Investment Trust. And the value of the Mauritius stock market is over 5.3 billion dollars.
While MTCC is trying to get listed on the Mauritius market to generate capital for projects, they are already conducting projects costing 2 billion Rufiyaa in the Maldives. And the records from the second quarter of this year show that the company has made 30 million Rufiyaa in profits.
