STO board decides to propose MVR 75 as dividends for 2012

The Board of Directors of State Trading Organization (STO), the largest public limited company in the Maldives, has decided to propose MVR 75 per share as annual dividends for 2012.

Managing Director of STO Shahid Ali told Sun today that during their meeting yesterday, the company’s Board of Directors have decided to propose to the company’s annual general meeting (AGM), to give out MVR 75 per share as annual dividends for 2012.

The AGM is scheduled for the 16th of next month.

The company gave MVR 72 per share as dividends for 2011.

STO had also revealed that three people have been deemed as qualified to sit on the company’s board of directors as the representative from the public, a single position for which the company had recently opened for applications. They are; Mohamed Farhath of H. Two Hearts, Mariyam Shening of Ma. Forsythia and Mohamed Imran Adnan of M. Mainz.

While the dividends stand at MVR 75 for a share of original face value MVR 50, the company's gross profits stood at MVR 1 billion, consisting of a net profit of MVR 274.8 million in 2012.