The government and public owned Maldives Transport and Contracting Company (MTCC) will open to distribute new shares on Saturday night.
MTCC confirms a special event will be hosted on Saturday night at Hotel Jen. The event will open floors for shareholders to purchase shares from the company.
New shares are distributed in order to adjust the loan taken for the establishment of the company's gargantuan dredger dubbed "Mahaa Jarraaf" which accosted for $ 11 million. Face value of the shares have been reduced from MVR 50 to MVR 5, with an extra share to every purchased share was concluded in the company's recent Annual General Meeting (AGM).
Under the new change, shares will be sold at a rate of MVR 62.
Speaking about the reduction of share's face value to MVR 5, Chairman of MTCC Ahmed Niyaz said the change was brought about in order to provide easier sale or purchase of shares for the public.
He confirmed that general shareholders are subjected to purchase shares based on their share percentage with the dredger's loan transitioned into company's equity will help to accumulate the cost to the state.
The share framework is resulted to change following the additional shares opened for transaction under MTCC.
The largest construction company - state owned - made an income of MVR 1.3 billion during the fiscal year of 2016.
