MIB extends period on their IPO


Image Source: Avas Online

The Maldives Islamic Bank (MIB) has extended their time on the Initial Public Offering (IPO) allowing interested customers to buy the bank’s shares.

The bank had initially set the deadline on their IPO on 18 September. However, the bank had confirmed they have extended the share purchasing period to 22 September.

According to the bank, the move to extend the IPO’s deadline comes due to Maldives government announcing 28 July and 15 August as public holidays – which resulted in the bank to close for the said days.

The IPO prospectus read the time period is a 35-day duration, but unprecedented holidays had reduced this by two days which is why the bank has decided on extending the share purchase period.

MIB notified that the bank will be selling 31% of the bank’s shares which amounts to a total of 6,975,000 ordinary shares. The Islamic financing bank forecasts raising a total of MVR244 million through the share transactions.

Interested individuals who wish on purchasing the bank’s shares should buy the mandatory minimum of 20 shares, with each ordinary share’s face value at MVR35 – meaning each individual must purchase at least a minimum of MVR700 worth of shares.

Those who wish to purchase or add into their shares, can do so by purchasing 10 shares or MVR350 worth of shares per transaction – should they choose to increase the number of ordinary shares they wish to purchase.

The IPO sign-up is available from the bank’s main branch in Male’, Hulhumale’ branch, Hithadhoo and Fuvahmulah branches as well as from Kulhudhuffushi branch. In addition to this, interested buyers can purchase shares through the bank’s IPO Coordination Center.

To allow maximum accessibility for potential buyers, the bank had also featured the IPO on the online portal of Maldives Securities Depository through which buyers can purchase shares.

Founded and formed in March 7, 2011 the Maldives Islamic Bank’s 25% of shares are controlled by the Maldives government while 70% is under Islamic Corporation for the Development of the Private Sector (ICD). The remaining 5% of the bank’s shares are owned by the Takaful insurance group Amana Takaful Maldives.

However, share percentages are subject to change following the IPO from the bank.