The Maldives Islamic Bank (MIB) has announced that they would be selling 31% of their shares to the public at a rate of MVR35 per share.
The bank made their announcement today and stated that it intends to sell MVR244 million worth of shares to the public. This value includes 4.5 million shares from the Islamic Bank worth about MVR157 million and 2.4 million shares from the Islamic Corporation worth about MVR87 million.
Though the bank is to be selling shares at a rate of MVR35, it stated that initially, each person can buy shares at a rate of MVR20 for a total of shares worth MVR700. This amount can be increased by increments of 10.
MIB stated that they would open the selling of shares on 28 July and will continue to do so until 18 September. It also stated that shares could be bought online and by visiting the bank. The bank also stated that those interested in purchasing shares can do so through BML Online Banking, Dhiraagu Pay, and the Ooredoo m-Faisaa service.
The Chief Finance Officer of MIB, Mr Ali Wasif stated that individuals from all parts of the nation would be able to easily purchase their shares.
The CEO of the bank, Mr Abdul Ihthisham Abdul Muhaimin stated that it was a great pleasure to open the chance to be shareholders of the bank to the public of the Maldives and he urged the public to make full use of this opportunity. He added that the 80,000 customers of the bank are also invited to become shareholders.
The process is being carried out with consultancy from the international financial experts at NDBIB and the legal consultancy of Shah Hussain & Co. The firm chosen for auditing is KPMG.
The Maldives Islamic Bank is currently run with 25% of the shares belonging to the state and 70% of the shares belonging to the the Islamic Corporation for the Development of Private Sector (ICD), along with 5% of shares belonging to Amana Takaful.
There are currently nine companies listed on the Maldives Stock Exchange. These include the Bank of Maldives, Dhiraagu, Amana Takaful, MTCC, MTDC, STO, Centurion, Ooredoo Maldives, and HDFC.