CEO of Maldives Stock Exchange Aushan Latheef have said that MTCC always brings revolutionary changes to the stock market.
He said that MTCC plays a key role in developing the stock market of Maldives. He said that MTCC travelled to the islands in 1980s on sail boats and provided information about stock exchange.
MTCC was the first company to sell shares to the public in 1980. The company sold shares to the public for a second time in 1984. Now the company is trying to become the first company in Maldives to sell shares through a rights issue.
In the recent annual general assembly of the company, the company decided to dilute each share into 10 shares and to invite existing shareholders to buy additional shares. Shareholders registered at MTCC till 9th of October can buy shares between 19th October till 3rd December.
In the last annual general assembly of MTCC, they passed to change the face value of a share to Rf 5 and to give one more share to each share owned. With this change, one share will be sold for Rf 62.
Since the company has decided to sell more shares, the ratio of shares owned by the public and the state will change. Last year MTCC made a profit of 1.3 billion Rufiyaa.
MTCC always brings revolutionary changes to the stock market : Aushan Latheef
