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Tuesday 08 Sep 2026
LOCAL EDITION
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LOCAL EDITION
MWSC's managing director Hussain Fahumy: MWSC will waive fines accumulated on unpaid water bills issued until the end of last year, provided the principal amount is settled. (Photo/MWSC)
Male’ Water and Sewerage Company (MWSC) Managing Director Hussain Fahmy says the company’s 20 percent foreign shareholding, held by Japanese conglomerate Hitachi, is creating obstacles when seeking large loans and making major infrastructure investments.
His remarks follow President Dr. Mohamed Muizzu’s announcement on Monday that the government is working to buy back MWSC’s minority shares. The President described MWSC as a strategically important utility provider and said the move is part of broader efforts to make the management of state-owned enterprises more efficient and cost-effective.
Speaking to state media, PSM, MD Fahmy said strengthening MWSC’s services requires addressing structural limitations within the company. He said the most important step is for MWSC to become a 100 percent state-owned entity.
“The company will benefit from moving to full state ownership. Our infrastructure is about 30 years old, it’s very old. We need major upgrades and add-ons to renew the system and expand services,” Fahmy said.
He added that MWSC has not taken any major loans recently, and even when the state attempts to facilitate financing, the process becomes complicated because a foreign shareholder is involved. As an example, he noted that the Thilamale' bridge project requires around USD 20 million, and securing such financing by mortgaging company assets is difficult under the current share structure. Fahmy said restructuring ownership would make government-backed investment easier and more efficient.
MWSC provides essential water and sewerage services nationwide and generates strong revenue. The government believes full ownership will accelerate project delivery and support large-scale infrastructure improvements.
The President announced on Monday that the government will buy Hitachi’s stake. The government currently holds 80 percent of MWSC, while Hitachi owns the remaining 20 percent. Hitachi acquired its stake in January 2010, during the administration of former President Mohamed Nasheed.
Hitachi, Ltd. is a Japanese multinational conglomerate headquartered in Tokyo, with operations spanning digital systems, power and renewable energy, railway systems, healthcare products, and financial technologies.
