Maldives Islamic Bank (MIB) to sell their shares to the public.
Opened on 1st April 2010, MIB was established by Islamic Corporation for the Development of the Private Sector (ICD) to offer an alternative form of financial services to the general public, who are desirous of conducting their transactions in conformity with Shariah requirements.
After becoming a public limited company, this is the first time the bank will be selling its shares. According to MIB, they will be selling 31% of their shares, which is equivalent to MVR 6.9 million shares at a rate of MVR 35 per share. Buyers will have to buy a minimum of 20 shares, in other words, MVR 700 worth shares.
They will be selling MVR 157 million worth shares from MIB and MVR 87 million worth shares of ICD. Making a total of MVR 244 million.
According to the MIB’s Cheif Financial Officer Ali Vaasif, buyers will be able to buy the shares online through Maldives Stock Exchange Infinity Portal to help buyers who live in the faraway islands or abroad to make the process easier for them.
Buyers will be able to buy the shares from 28th July to 18th September 2019.