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.