Maldives Transport and Contracting Company (MTCC) has collected a revenue of MVR 188 million from share transactions.
The state owned transport and contracting company opened their Initial Public Offering through Rights Issue on September 2017.
The share transaction window closed in December with the company closing a total of 4334 successful share deals with well over 3 million shares sold. The shares sold had garnered MVR 188 million to the company by 2017.
MTCC initially aimed to raise MVR 305 million through the sales of company shares, which resulted in a nationwide share transaction program to attract possible future shareholders.
They decided to generate this amount in order to sell off the corporation's share portion to adjust for the state granted loan USD 11 million to MTCC for engineering a 90 meter hopper suction dredger - which had since made its way to Maldives shores and initiated reclamation projects.
MTCC confirmed that the corporation had successfully sold a total of 3,038,097 shares to 4334 different parties and raised an income of MVR 188,263,014.
