MTCC admits struggle to reach potential shareholders

Maldives Transport and Contracting Company (MTCC) is struggling to reach potential shareholders, the state owned company's CEO Ibrahim Ziyath admitted Sunday.

MTCC in October had opened the opportunity for existing shareholders to double their shares in a bid to raise MVR310 million in share capital.

However, the company has struggled to attract potential shareholders despite extending the deadline .

"It has been relatively good so far. But the challenge is MTCC shareholders are generally the elderly. So we've struggle to reach them and other potential shareholders," Ziyath explained.

"The other challenge has been because it is currently the school holidays. So its been difficult to reach people."

However, Ziyath remains confident that the company's efforts would ease the process in the future.

"When all the information is updated, it will make things easier in the future," he added.

MTCC was incorporated in1980 as the first public company in the Maldives. Throughout its existence MTCC has positioned itself as the leading marine and land transport provider and civil and marine constructor.