Tag: board of directors

Privatisation body to require criminal record checks for public company board appointees

Candidates appointed as directors on the boards of public limited companies in the Maldives will now face a mandatory criminal record check, according to local media.

Privatisation and Co-privatisation Board President Mohamed Amjad told Sun Online that any candidates appointed to the board of a public limited company will be required in future to submit their attested qualifications and a police report disclosing any criminal convictions they may have.

Amjad was quoted in local media as saying that the new review process would apply to all appointments made to boards of such companies in the future, with candidates also being checked to see if they have any pending debts owed to the courts.

The privatisation board has said it will also look to identify if a candidate also had relatives working for the same company.

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Bahrain Telecommunications Company acquires majority share in Dhiraagu

Bahrain Telecomunications Company (Batelco) has acquired the majority share of Dhivehi Raajjeyge Gulhun Public Limited (Dhiraagu), the largest telecommunications service provider in the Maldives, Dhiraagu announced Wednesday (April 3).

Previously, Cable & Wireless Communications (CWC), a British multinational telecommunications company, was the majority shareholder of Dhiraagu. Batelco purchased a majority of assets in Monaco & Islands Business Unit from CWC, resulting in its owning 52 percent of Dhiraagu shares.

Dhiraagu’s board of directors was altered following the purchase. The company’s leadership now includes Ibrahim Athif Shakoor as Chairperson and Government Director, and Ismail Waheed as CEO and Managing Director.

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STO reports annual profit of US$9.5 million

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.

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