Maldives market capitalization rises to MVR 16.12 billion

Maldives Stock Exchange (MSE) Chairman Aalaau Ali says the market capitalization of Maldives has passed the MVR 16.12 billion.

This is an increase from MVR 15.4 million last year’s January.

At the start of 2008, only four companies were listed in the MSE. The market capitalization was at MVR 2.9 billion.

Ali added more work needed to be carried out to develop the stock market, especially using technology. Discussions are underway with the Colombo Stock Exchange for dual listings, in line with the Government’s open market policies.

The total value of listed companies changes either when the share prices increase or when a new company gets listed in the stock exchange. The massive change to the stock market occurred following the rights issue of Maldives Transport and Contracting Company (MTCC).

MSE and Securities Depository Chief Executive Officer (CEO) Aushan Latheef called on all major corporations in the country to get listed on the stock exchange.

MSE, he says, aims to double the number of companies listed on the stock exchange and grant easier access to the said companies to get listed.

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