Dhiraagu launches IPO

Telecommunications giant Dhiraagu launched its Initial Public Offering (IPO) last night to offer 11.4 million shares (15 percent of the company’s stake) to the public at a rate of Rf80 per share from December 25 onward.

At a launching ceremony last night, Customer Services and Sales Director Ali Riyaz explained that application forms as well as the prospectus would now be available from Dhiraagu front offices and Bank of Maldives branches.

The forms would not be available for download for security reasons, he said. Completed forms are to be submitted between October 25 to November 30.

Meanwhile special seminars in Male’ and the atolls are being planned to provide information to the public.

The company revealed this week that it earned Rf968 million (US$62.7 million) as profit in 15 months with an income of about Rf2.5 billion (US$162 million).

Speaking at the ceremony, President Mohamed Nasheed revealed that the government intended to sell its remaining 33 percent share of the company to the public.