MIB head office to accept share applications

Share forms will be accepted from today until the 18th of this month from the head office of Maldives Islamic Bank (MIB) located at H. Medhuziyaaraiydhoshuge, the bank stated.

MIB will accept forms from: 

• Sunday to Thursday - 3:00 to 10:00
• Saturday - 9:00 to 6:00 -8:00 to 10:00
• Fridays will be closed

MIB stated that payments will be accepted via POS and Mobile transfers as well.

Shares of MIB will be available for sale up until September 18 and can be bought via the Infinity portal or by visiting one of its branches. There is also a collection center established by MIB at M. Faamudheyrige. 

MIB will sell around MVR 244 million in shares to the public. MIB will also sell MVR 2.4 million shares of the Islamic Corporation of the Development of the Private Sector (ICD) and will sell around 69975,000 public shares. MIB will sell a single share for MVR 35 and will sell around 31 percent of its shares.

MIB has stated that it will allow the sale of 20 shares for MVR 35 at first and can be increased by 10 shares. 

MIB will be selling shares under the advice of a team of international specialists as well as from the legal advisory team of Shah Hussain & Co. KPMG will act as the official audit firm. The bank has also made arrangements so that shares can be purchased through BML online banking, Dhiraagu Pay and Ooredoo M-Faisaa.

Timeline of MIB's share sales process

• Sale of shares will commence from July 28, 2019.
• Sale of shares will conclude on September 18, 2019.
• The estimated date of share allotment will be on October 08, 2019.
• The date of the return of the money that exceeds the number of shares to be sold will be on October 28, 2019.
• The allocated shares are estimated to be deposited to MSD on November 6, 2019.
• Commencement of share trading is estimated to begin on November 6, 2019.