The Maldives Tourism Development Corporation (MTDC) has approved lowering the face value of its shares from MVR 100 (US$6.5) to MVR 10 (US$0.65) at the government company’s annual general meeting (AGM) on Tuesday night, reports Sun Online.
Following the decision, each share previously purchased would become ten shares. A proposal to hold an extraordinary meeting of shareholders within the next three months to made amendments to the company’s regulations was also approved at the 2011 AGM.
MTDC meanwhile reported an annual loss of US$3.8 million in 2011 and dividends were not distributed to shareholders.
MTDC was formed in 2006 to develop 15 resorts across the country.
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MTDC board had ruined the company . It would have been the best tourism company in Maldives should it have been let to run without the influence from Politics.
MTDC have been used an instrument and used like political prostitute to earn the votes for politician.
Bandhu saleem as a chairman of the company gave away over USD 5 million to Jabir in exchange of few million to Bandhe and Anni.
Bandhe also dissolves " Fathuru Maldives" another subsidiary of MTDC and gave few millions to shareholder who apparently Bandhe and some board members of MTDC and Fathuru. These costs were absorbed by MTDC too.
How can you expect any profit from a company run by Activists who had no solid experience or much of the required education qualification ?