STO to sell shares

Thursday, November 19th, 2009

sto400nuThe State Trade Organization (STO) of Maldives has decided to sell Mrf 138,472 worth of its shares to the public.

STO has opened the opportunity to buy these shares only for local companies and associations at a price of Mrf 400 per share and selling of shares will go on from 09.00 in the morning of 25 November 2009 till 01.30 in the afternoon of 10 January 2010.

The Organization has specified to purchase 5 shares minimum but does not specify a maximum amount.

The application forms for buying shares will be made available in STO website.

According to STO, the purpose of selling these shares was to minimize government share of the organization and to promote privatization.

STO was registered as a public company in August 2001. STO has issued 1,126,910 shares out of which 92.29% is held by the Government and 7.71% is held by the general public.

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