The Sri Lanka and Maldives stock exchanges have signed a memorandum of understanding for co-operation in marketing, creating a framework for cross-listings and dual listing of securities, and cross-border regulation of companies.
Colombo Stock Exchange (CSE) Chief Executive Rajeeva Bandaranaike said in a statement that the CSE has shared “cordial and close relations” with its Maldivian counterpart since its inception in 2002.
Maldives Stock Exchange (MSE) Chief Executive Hassan Manik said the MoU “will help both our exchanges to learn from each other’s experiences,”
“In comparison to the CSE the MSE is a very small Exchange, therefore there are many areas in which the CSE can help the MSE to grow and develop,” he was quoted as saying by the Sri Lanka-based EconomyNext financial news service.
The Capital Development Market Authority has today announced amendments to the Corporate Governance Code, mandating all publicly listed companies to have at least two female board members.
Local media has reported that just three of the seven companies currently listed on the Maldives Stock Exchange have any female board member, with just two of these having the required number.
The governance code had also been amended to include a Comply or Explain clause which requires all boards to have one third female board members
Sharia-compliant insurance company Amana Takaful (Maldives) PLC has announced a cumulative profit of MVR 4.5 Million (US$292,208) since listing on the Maldives Stock Exchange back in 2011.
Following the company’s second annual general meeting held Sunday (April 28), Amana Takaful said a 10 percent dividend of MVR 2.6 million (US$168,831) would be paid among its Maldives-based shareholder members for the group’s performance during 2012.
Growth for the company during last year was said to be driven in particular by demand for medical and motor insurance following amendments to government regulations that has seen a number of insurers moving to offer 3rd party coverage in these areas.
A spokesperson for the company claimed that 3rd party motor cover was anticipated to continue to help drive growth for its Maldives operations in the coming years as a result of recent legislation imposed on the country’s motorists.
During its AGM, Amana Takaful also announced an underwriting result – earnings from premiums after deducting the costs of operating expenses and insurance claims – of MVR 20.7 million (US$1.3 million). This was said to be a 61 percent increase on the previous year.
As well as Sharia-compliant insurance, a growing number of private groups in the Maldives have moved to offer Islamic financing to their customers.
Specialist groups such as the Maldives Islamic Bank (MIB) are set to be joined in the segment by Bank of Maldives (BML), which this month announced the appointment of a four-member Sharia Advisory Committee.
Local telecommunications provider Dhiraagu will sell shares to the public via the Maldives Stock Exchange (MSE) starting next Thursday.
Government shares have meanwhile been sold to all applicants.
Of its 11.4 million shares, Dhiraagu has sold 41 percent under the Initial Public Offering (IPO) at a rate of Rf80 (US$5.2). The IPO became effective on December 25, 2011.
The government lately released 48 percent of its shares, which had a value of approximately Rf376 million (US$24 million). Of those shares, 15 percent were set to be sold and 4.7 million have been sold, reports Haveeru.
Most government shares were purchased by the Pension Administration Office, the State Trading Organisation (STO) and Allied Insurance.
Foreign investors may also purchase Dhiraagu shares.