MTCC decides to split shares; distribute MVR 24 as dividend per share

Maldives Transport and Contracting Company (MTCC), during its Annual General Meeting last Tuesday night, made the decision to split every share valued MVR 50 to 10 shares of MVR 5, and distribute MVR 24 as dividend per share.

194 shareholders (owning 281,738 shares) attended MTCC’s AGM 2016. The decision to distribute MVR 24 as dividend per share was passed with vote of owners of 281,376 of the shares (99.87 percent).

The shareholders also voted for the decree to split the shares, which allows MTCC to reduce the face value of shares from MVR 50 to MVR 5, and change one share to 10 shares.

MTCC’s shareholders also voted to pass the decree to issue rights. It will allow every share to be sold for MVR 62 as rights issue after the shares are split. However, the shares can only be sold to existing ordinary shareholders and not government shareholders.

Under this decree, if a shareholder does not wish to purchase shares, the opportunity to purchase the shares can be provided to another existing shareholder or outsider.

The shareholders also voted for regulatory amendments in light of the decree on rights issue.