STO to distribute MVR 24 per share as dividend

State Trading Organisation (STO) has approved to distribute MVR 24 per share as dividend from its profit for 2013.

This was approved by 71 percent votes in favour by shareholders at the company’s Annual General Meeting (AGM) 2013 at Traders Hotel last night (Thursday, 22 May 2014).

STO distributed MVR 75 as dividend for 2012.

The company’s earnings per share for 2013 was MVR 112, but it decided to distribute only MVR 24 per share as dividend due to cash flow difficulties.

At the AGM, STO also passed the Director’s Report 2013, Balance Sheet 2013, and appointed KPMG Ford Rhodes and Thornton as its audit firm for $36,000 for the upcoming year.

Mohamed Farsath was elected with 117 votes to the Board of Directors from general shareholders.

Shareholders requested the company to expand its services to the public, and work more towards claiming the large amounts of money owed by various groups to STO.

Responding to these requests, Managing Director of STO Adam Azim said that the new government gives great priority, and tireless efforts are ongoing to claiming the outstanding money.

STO’s Annual Report for 2013 shows that it earned revenues of MVR 10 million and MVR 9 million in 2013 and 2012 respectively, and its net profits were MVR 593 and MVR 520 for 2013 and 2012 respectively.