MTCC to bring a revolution to Maldives Stock Exchange market
BY: , 11 Oct 2017
MTCC the first Maldivian company to sell shares to the public is getting ready to revolutionize the stock exchange market.
MTCC is getting ready to become the first company to allow shareholders to sell shares under a rights issue agreement.
In the annual general assembly of the company held in August, the company decided to split each share to 10 more shares and the shareholders were invited to buy more shares. Under this new mechanism shareholders or people with the right to buy shares registered until 9th October can buy shares.
The company will sell shares from 19th October till 3rd October. Each share will be sold for 62 Rufiyaa. Each shareholder can own shares which is not more than 5 percent of the capital of the company.
MTCC was formed in 1980 and the company has a significant share in transportation and infrastructure development of Maldives. In the past 36 years the company has achieved well in construction and transport sector.
MTCC conducted various development projects all over the Maldives. Land reclamation projects, harbor development, sewage system development, airport development, housing development and coast protection projects are all projects MTCC conducted successfully over the years. Even now the company is undertaking several projects like this.
Recently MTCC acquired a hopper suction dredger, which will revolutionize land reclamation works in Maldives. The vessel will arrive in Maldives on 30th October. MTCC’s general trade department developed with the introduction of Yamma marine engines. In the past 36 years the company’s business expanded and they have introduced many famous brands to Maldives.
Some such products introduced by MTCC includes, Castrol engine oil, PPG marine coatings, Suzuki outboard engine, Marol steering system, and brands like Hamilton Jet among others. MTCC also inaugurated a 200-ton boat hoist in last September with a modern dockyard.
MTCC’s transportation services in 2001 with the Male’-Villingili ferry system. Since then they have expanded their services and provide ferry services between Male’-Hulhumale, bus services in Hulhumale’, and express speed launch services as well.
In addition, the company provides ferry services in five zones of Maldives. MTCC invests large amounts every year to upgrade their transportation network.
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