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Maldives Islamic Bank to raise MVR244.1mn advised by Sri Lanka’s NDBIB

ECONOMYNEXT – Maldives Islamic Bank, has launched an initial public offering to raise 244.1 million rufiyaa in an initial public offering, advisors to the deal, Sri Lanka-based NDB Investment Bank said.

MIB will offer up to 6.975 million share at 35 rufiyaa each.

"We have been long committed to the Maldives, raising debt and equity capital to enable growth as a part of our strategy of regional play," Chief Executive of NDBIB Darshan Perera said in a statement.

NDBIB has earlier managed the sale of Ooredoo Maldives Plc, a unit of a Qatar based telco.

"While the Maldivian market is at a nascent stage, over the years we have witnessed increased awareness among the general public and have been planning extensive educational campaigns to promote equity ownership," Nilendra Weerasinghe, Chief Corporate Advisory Officer of NDBIB said.

MIB is to sell 4.5 million new ordinary shares raising 157.5 million Maldives Rufiyaa to boost its capital base.

MIB’s majority shareholder, Islamic Corporation for the Development of the Private Sector, will sell down another 2.475 million shares for 86.6 million rufiyaa.

The IPO which opened on July 28, will close on September 18. The stock is expected to begin trading on the Maldives Stock Exchange (MSE) in November. (Colombo/July29/2019)

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