BML begins distributing shares after authorization of MMA

Shareholders of BML during the annual general meeting. (Sun Photo/Fayaz Moosa)

Bank of Maldives (BML) has begun distributing shares after the Maldives Monetary Authority (MMA) authorized it.

The bank decided to distribute MVR 26 per dividend during the annual general meeting of BML held on August 31, 2020. The bank will be distributing a total of MVR 139,929,920 in this manner. 

The MMA has previously instructed banks to distribute shares with the authorization of the central bank due to possibility that it could affect the liquidity of banks. BML said that it had now received the authorization of the central bank for the purpose.

BML said that distributed share dividends had now been deposited to the accounts of the beneficiaries. The beneficiaries are those registered as shareholders of the bank up until August 18, 2020. 

BML earned MVR 1.7 billion as revenue in 2020 while MVR 961.74 was earned as profits by the bank.