Dhiraagu to sell shares for Rf80 per share
05 Oct 2011

Local telecommunication giant Dhiraagu launched its Initial Public Offering (IPO) last evening in order to sell 11.4 million shares at a rate of Rf80 commencing December 25.

Speaking at the ceremony held at Dharubaaruge, Customer Services and Sales Director Ali Riyaz said locals, foreigners, clubs, associations and companies that wish to buy shares could get the application forms and the prospectus from Dhiraagu and Bank of Maldives (BML) branches starting today.

"There isn't a limit to how much you can buy," he said.

Riyaz said forms would be accepted from October 25 to November 30.

"Forms will be accepted by the bank. We're hoping there will be a high demand for our shares. We're working with the bank to set up a special form collection centre," he said.

Dhiraagu revealed that seminars will be held in Male and the atolls to provide information about the shares and that information will be available from Dhiraagu and through customer services.

Speaking at the ceremony, President Mohamed Nasheed described the IPO as "a golden opportunity" and said selling the remaining 33 percent of the government's shares in Dhiraagu is part of its plan.

The President said privatisation has its benefits, which he said, could be clearly seen from the results of handing over Ibrahim Nasir International Airport to India's GMR.

President Nasheed stressed that previously the government received Rf100 million from Maldives Airports Company Limited (MACL) but now Rf600 million is to be expected from the airport.

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Aariya Securities Pvt Ltd is a member of the Maldives Stock Exchange.
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