STO announces dividends of MVR60 per share

AGM held by STO through FahiVote on Monday, 31 May 2021 | Photo: STO

The largest state-owned corporation, State Trading Organization (STO) announces paying a dividend of MVR60 per share on previous year’s retained profits.

Moreover, the decision was made public during Monday’s Annual General Meeting held virtually through FahiVote conferencing platform.

STO’s AGM for 2021 held virtually amid persisting Covid-19 pandemic was attending by a total of 682 shareholders who represent an accumulate total of the company’s 941,842 shares.

The corporation further reports an attendance of 83.5% of the company’s shareholders on Monday’s AGM.

Furthermore, Ms. Aiminath Rushma has been appointed to represent the company’s general shareholders in the following year.

STO paid a dividend of MVR58 per share from their 2019 retained profits.

Though the Covid-19 pandemic may have pushed hurdles at the state-owned corporation, it had still managed to attain a stronger profit figure in 2020 compared to the year before.

STO’s revenue and the subsequent profit bump for 2020 comes mainly through revenue made from the procurement and sale of medical equipment and accessories in combatting Covid-19 in Maldives.

Meanwhile, the company’s annual report suggest money owed to STO by end of 2020 stood at MVR248 million.