New policy provide right to relinquish state shares on resort JVs

A new policy grants Maldives state with the power to relinquish its shares from joint ventures for resort development projects.

Moreover, according to Ministry of Finance, state will be able to relinquish its rights on resort development JVs through Privatization and Corporatization Board.

Usually state’s involvement in JVs come over resort development, lease of land or lagoons for said development.

As per the new policy, state share relinquishment is possible through the direct oversight of Maldives President, with Ministry of Finance holding the mandate for the proceedings.

Following this, the ministry must delegate the proceedings with Privatization and Corporatization Board.

Furthermore, share allocation will be measured against per square-meter of the plot with USD5 per share at face value.