Dhiraagu shares to sell on Maldives stock exchange

Local telecommunications provider Dhiraagu will sell shares to the public via the Maldives Stock Exchange (MSE) starting next Thursday.

Government shares have meanwhile been sold to all applicants.

Of its 11.4 million shares, Dhiraagu has sold 41 percent under the Initial Public Offering (IPO) at a rate of Rf80 (US$5.2). The IPO became effective on December 25, 2011.

The government lately released 48 percent of its shares, which had a value of approximately Rf376 million (US$24 million). Of those shares, 15 percent were set to be sold and 4.7 million have been sold, reports Haveeru.

Most government shares were purchased by the Pension Administration Office, the State Trading Organisation (STO) and Allied Insurance.

Foreign investors may also purchase Dhiraagu shares.