Addu City Council will buy Rf 400,000 (US$26,000) worth of shares in telecoms provider Dhiraagu, reports Haveeru, following the company’s initial public offering last month.
Dhiraagu had earlier announced its intention to sell 11.4 million shares at Rf 80 (US$5.1).
“We’re completing the process of purchasing the stocks in order to gather funds for our activities. By the grace of God, it’ll be a successful investment,” Addu Mayor Abdulla ‘Soabe’ Sodiq was reported as saying in Haveeru.
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