Amount of dividend paid exceeds forecast

The amount of dividend paid by government owned enterprises has exceeded the estimated amount.

Finance Ministry had predicted that MVR 874 million will be received as dividend. However, statistics released by the ministry last week show MVR 1.4 billion has been received thus far as dividend paid by government companies.

During July this year, the finance ministry brought changes to encourage state owned companies to pay dividend. Under the changes, bonus can be paid to company employees only after paying due dividend to the government.

Under this policy, after a decision is made at a company's annual general assembly to issue bonus, it can only be given after paying dividend or after coming to an agreement with finance ministry on how the dividend will be paid.

While the government has shares in 23 companies , a profit is generated only from 11 companies. The companies by which the largest amount of dividend was paid are Bank of Maldives, Dhiraagu and MACL.