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.
The State Trading Organisation (STO) has announced an annual profit of Rf146.6 million (US$9.5 million) for 2011, a 23 percent increase from the previous year.
Sun Online reports that 2011 was the most profitable year in the public company’s history.
According to the director’s report approved at STO’s annual general meeting (AGM) on June 14, the rise in profits came from supplying jet fuel to the Ibrahim Nasir International Airport and importing medical consumables to the Male’ Health Services Corporation. STO also won bids to build roads in Addu City and develop the airport in Fuvahmulah.
A decision was made at Thursday’s AGM to distribute Rf72 per share as dividends. The decision was approved by over 80 percent of those voting.
Mohamed Farshath, H. Two Hearts, was voted to the board of director’s to represent public shareholders.
Following changes approved at last year’s AGM, the government’s stake of 92.29 percent was lowered to 81.6 percent. Shares owned by the public was raised from 7.71 to 18.4 percent.