State Trading Organisation (STO) has sold its Bank of Maldives (BML) shares worth MVR 33 million to Champa Brothers Pvt Ltd.
Managing Director of STO Adam Azim told Sun that the transaction is a move to improve the company’s management and financial position. The shares were sold through the stock exchange within a period of two weeks, Azeem said.
“The shares were sold through the stock exchange (Maldives Stock Exchange) on the open market. It was carried out in a way that anybody who wanted to buy the shares had the chance,” Azeem said.