STO to transfer shares at Addu Airports Company to govt

The country's main trade company, State Trading Organization (STO) is giving up their share at Addu International Airport (AIA), the company that operates Gan International Airport of southernmost Addu cit.

The company will be transferring their shares to the government.

STO said the company has 400,000 public shares at a face-value MVR 1000 at AIA. All of the company's shares will be transferred to AIA's major share-holder, the government. They added that the shares are being transferred to the government at the same rate reflected in their financial statements.

50% of AIA's shares are held by the government. While STO holds 10%, Maldives Airports Company Limited (MACL) also holds 10% share. The remaining 30% is held by Casa Holdings Pvt. Ltd. With the transfer of STO's shares, the government will hold 60% share at AIA.