The Bank of Maldives decided to pay out a record sum of MVR188.9 million (US$12 million) as dividends at a rate of MVR35 per share, up from MVR15 last year. The BML board also approved MVR69.9 million as interim dividends. The dividends will be put to a vote at the national bank’s upcoming annual general meeting. BML earned a record profit of MVR1.7 billion last year.
Local telco Dhiraagu approved dividends of MVR6.20 (US$0.4) per share at its annual general meeting. Some 86 shareholders who represent a combined stake of more than 71 million shares participated in the AGM. Dhiraagu earned a profit of MVR813 million in 2021.
The finance ministry invited bids from interested parties to design and build 400 housing units in Addu and Fuvahmulah.
Maldives Ports Limited signed a lease agreement with the Housing Development Corporation to expand the Hulhumalé terminal. The new area would double its capacity to 4,000 containers.
The European Union handed over MVR8 million (US$518,806) in grant aid to 218 guesthouses and safari vessels to support recovery from the Covid-19 pandemic. The guesthouse association estimates losses of nearly US$30 million due to the pandemic.
A local forex trading investment fund has been placed under criminal investigation on suspicion of running a Ponzi scheme, the police said. The company was not named but was widely reported to be former lawmaker Alhan Fahmy’s King’s Forex Trading, whose accounts were frozen by the Bank of Maldives earlier this month. According to the central bank, more than MVR30 million (US$1.9 million) were rolled through the accounts.
Last week, Alhan told the press that the company intends to sue the central bank and BML for damages.
In a bid to improve the transparency of public finances, the finance ministry started publishing procurement plans of state agencies for the first time, including information about goods, consultancy and non-consultancy services. The plans provide details about the “procuring entity and description of procurement along with the planned dates to carry out the procurement.”
The State Trading Organisation sought to assure the public that the price of onions, potatoes and eggs will remain stable during Ramadan. Demand for the goods usually soars during the fasting month. Staple foodstuff such as flour, rice and sugar will also be available with ample supplies, STO officials told the media. The state wholesaler now imports most of its goods through its subsidiary Maldives State Shipping.
