MWSC selling MVR 400 million bond

State water company, Male’ Water and Sewerage Company (MWSC) has announced the sale of a MVR 400 million bond.

First National Finance Corporation which undertook efforts to issue the bond to the capital market, said it will be sold in two tranches.

MWSC has opened the opportunity to invest in an MVR 200 million bond via its Viyana portal. As per First National Finance Corporation, the bond will have an interest return at a rate of 7.5 percent paid over a five-year term.

As per First National Finance Corporation, the purpose of selling the bond is to raise finances for projects and businesses conducted by MWSC. Finances raised in this regard will be utilized to expedite water and sewerage projects underway in atolls and to expand the company’s business scale of some of its products.