Rivalry among councils for MIB shares

Maldives Islamic Bank (MIB) has stated that a lot of councils are presenting to buy shares of the bank.

The first Islamic bank of Maldives, Maldives Islamic Bank started selling its shares to the public on July 28 and will be available for purchase until September 18. MIB has stated that a lot of island councils and Atoll councils are vying to buy shares.

Addu city council has already purchased around MVR 700,000 worth of shares while Baa Atoll council has purchased around MVR 1.75 million worth of shares. Shaviyani atoll council has also bought up around MVR 3 million worth of shares from MIB. Fuvahmulah city council has purchased around MVR one million worth of shares while Lhaviyani Naifaru council and Baa Eydhafushi council both purchased around MVR 700,000 worth of shares. 

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 20 shares for MVR 35 can be purchased as a minimum 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.