Rainbow Construction opens sale of bond at German’s Frankfurt Stock Exchange for USD38.5 million.
Moreover, this marks the first time in Maldivian history for a local company to take such a step further.
Rainbow Construction is aiming to develop a luxury tourist resort at Gaaf Alif Atoll Kerendhoo, under a new and unique concept.
Furthermore, Chairman of the company, Ibrahim Rafeeq voices the company’s decision for the sale of bond at an international market.
“This is not the sum total for the project, investments have already been made for temporary infrastructure, harbor and other expenses” Rafeeq comments.
Rainbow Construction’s Chairman reveals the decision comes following barricades in acquiring adequate loan amount from local financial institutions.
Meanwhile, Rafeeq further reveals ongoing works at the resort which will have a total of 110 villas.
The repayment period for the bond in question will commence from 2024 onward.