Maldives Transport and Contracting Company (MTCC) with the initiative of amassing MVR 304 million to the company income, has commenced a nationwide attempt of selling their shares.
Officially shares of the company are sold at the third floor of MTCC Tower in the capital.
During a press conference held by the company to promote "MTCC Right Issue", General Manager Ismail Adhuham confirmed their shares will be sold nationwide with a total of 9 teams operating in various parts of the country.
Chief Financial Officer of MTCC, Mohamed Hilmy highlighted the initiative is an attempt to garner funds before the corporation's gargantuan hopper suction dredger "Mahaa Jarraaf" ports at Maldives before the end of October.
Hilmy had speculated a favoring response for the share transaction.
The company is aiming to issue shares in order to settle the investment of USD 11 million loaned by the state through shares.
During their recent held annual general meeting, MTCC had decided to reduce the face value of their shares sold from MVR 50 per share to MVR 5 and add an extra share to each share sold.
CFO, Hilmy had confirmed the share purchase option is not open only for the company's existing shareholders, but through share transfer option non-shareholders can purchase shares as well. He had added the change to policy or regulations of shares post the event would be decided afterwards.
Share purchase option is opened through Maldives Security Depository (MSD) and through Maldives Post.
Chief Executive Officer of MSD Aushan Latheef stated the share purchase option in islands is possible through island councils and registered lawyers.
MTCC came into inception back in 1980 with a share value of 250,000.
Back in 2013 the company had issued dividends at a rate of MVR 16 per share while last year's dividends had increased to MVR 24 per share.
