STO sells BML shares worth MVR33 million to Champa Brothers

The State Trading Organisation (STO) has sold its Bank of Maldives Plc (BML) shares worth MVR33 million (US$2.1 million) to Champa Brothers Pvt Ltd through the Maldives stock exchange.

STO MD Adam Azim told Sun Online that the shares – reportedly worth 30 percent of BML – were sold in a bid to improve the state-owned company’s finances.

“The shares were sold through the stock exchange on the open market. It was carried out in a way that anybody who wanted to buy the shares had the chance,” he was quoted as saying.

Sun Online reported back in December 2012 that Champa Brothers had purchased treasury bills worth US$11 million. The amount currently owed by the government to the company remains unclear.