State to buyout foreign stock in Dhiraagu, MWSC

Minister of Finance, Ahmed Munawwar has announced State’s plans to buyout shares owned by foreign parties in Dhiraagu and Male’ Water and Sewerage Company (MWSC).

The announcement was made during the Supplementary Budget Committee meeting held this Wednesday regarding generating additional income to the State. During the meeting, Vilufushi MP Riyaz Rasheed pointed out that buying out Dhiraagu and MWSC shares owned by foreign parties would be beneficial to the State.

Riyaz Rasheed commented that the State would profit twice as much even if it had to spend USD 48 million to buyout the shares.

In response, Minister Munawwar said the State planned on buying out the foreign stock.

“Though previous administrations have sold shares on a one-off basis, this will not be practiced by this administration. This administration will buy back such shares. This will be beneficial to the State,” said Munawwar.

Munawwar said the government wanted 100 percent ownership of State companies.

The minister said the State earned MVR 600 million from State companies in 2016, and expected to earn MVR 900 million from State companies this year.