The Maldives Islamic Bank (MIB) announced their Initial Public Offering (IPO) on Sunday, 30 June 2019 and has confirmed strong interest from the country’s public and companies.
The Islamic business and financing bank announced their plans of opening 31% of the company under their IPO. MIB had further announced they will be selling the bank’s shares to public from 28 July until 18 September.
The bank aims of generating MVR244 million from the sale of shares through the IPO while they are selling a total of 6,975,000 shares to public.
The Chief Financial Officer (CFO) of MIB Mr Ali Wasif had claimed the bank prior to announcing their IPO had conducted a survey to understand demand from local companies and individuals and discovered generally positive responses.
Interested parties can buy shares of MIB not lesser than 20 shares per entity, which is a total of MVR700 worth of shares based MVR35 per share.
The bank’s CFO further noted the IPO’s size had been adjusted to cover investments and he had also hoped the total IPO is lower than current market demand.
Maldives Islamic Bank (MIB) was founded with 15% by the government of Maldives and 85% owned by Islamic Corporation for the Development of the Private Sector (ICD). However, in 2017 the Maldives government had acquired another 10% of the company’s ownership thus reducing ICD’s share capacity to 70%.