MTCC have decided to sell more shares after reducing the value of shares. They have reduced the face value to 5 Rufiyaa and hence shares sold for 50 Rufiyaa previously will now be counted as 10 shares.
MTCC released a statement saying that they have decided to issue rights. Issuing rights is offering shares at a discount price to the existing shareholders. The special price decided by the board of MTCC is 62 Rufiyaa per share. In the right issuing period, the shareholder must offer to buy the shares or trade it with someone.
Shares that are not sold in this period will be sold to the public, but will be sold for 112 Rufiyaa the market value of the share according to MTCC.
MTCC to sell more shares after reducing the face value of shares !
