BML shareholders agree to dividend pay-out of MVR 15 per share

Shareholders of Bank of Maldives (BML) have agreed to a full year dividend of MVR 15 per share for the year 2013. This is the highest dividend pay-out in the bank’s 31-year history.

This was passed at the national bank’s annual general meeting held at Nasandhura Palace Hotel on Thursday night. BML’s Board of Directors made the decision to distribute MVR 15 per share in dividends on 21 May.

The total amount to be paid to shareholders, including both interim and final dividend, amounts to MVR 80.7 million. The bank made a profit of MVR 662 million in 2013.

The Bank has not paid a dividend during recent years but for comparative purposes, a dividend was last paid in 2009 at MVR 9 per share (MVR 48.4 million) and in 2008 at MVR 10 per share (MVR 53.8 million).

At the 31st annual general meeting on Thursday, shareholders also agreed to commission Ernst and Young for $56,189 to conduct the bank’s external audit and consented to re-appointment of 6 board of directors appointed by the government and 3 directors from shareholders.

Government appointees to the board include; CEO and Managing Director Andrew J. Healy, Operations Director Mohamed Shareef, Muruthala Mohamed Didi, Mohamed Luveyz, Abdul Haris and Mohamed Umar. Directors appointed from shareholders are; Ibrahim Mohamed, Mohamed Abdul Sattar and Ismail Mohamed Muhuthaba.