RCC opens subscriptions for MVR 120M bond for Blue Marina View project

Rasheed Carpentry & Construction Private Limited (RCC) has opened subscriptions for its MVR 120 million bond offering through the private placement segment of the Maldives Stock Exchange (MSE), via the Viyana Portal. Dhivehi Investment Partners Private Limited (DIP) is serving as the Lead Arranger and Principal Adviser for the issuance.

The five-year bond carries an annual interest rate of 8.50%, with interest payments made twice a year. Each bond has a nominal value of MVR 1,000, with a minimum subscription of MVR 10,000, equivalent to 10 bonds. Additional subscriptions can be made in increments of MVR 1,000. The bond follows an amortising structure, with principal repayments made throughout its tenure in accordance with the applicable offer terms.

The proceeds from the issuance will finance the development of ‘Blue Marina View’, a mixed-use residential project in Hulhumalé Phase 2. The development comprises a 17-storey luxury residential tower designed to combine contemporary architecture with functional living spaces, alongside integrated commercial facilities. The project is intended to offer residents panoramic views of the city and coastline, as well as convenient access to essential services and urban amenities.

The development will feature a range of residential facilities, including a dedicated entrance lobby, security provisions, three residential lifts and free bicycle parking. Lifestyle amenities will include a terrace infinity swimming pool with a separate children's pool, a fully equipped gym, a multi-purpose hall and a kids' club. The integrated commercial area is designed to provide residents with convenient access to everyday services, while the development's location offers connectivity to schools, retail outlets, cafés, healthcare facilities and recreational spaces.

RCC has been operating in the Maldivian construction industry for more than four decades, building a track record in project delivery and contributing to the country's infrastructure and real estate development. The Blue Marina View project forms part of the company's continued involvement in residential and commercial property development in the Maldives.

DIP is a Capital Market Development Authority (CMDA)-licensed investment management and advisory firm that provides capital-raising, investment management, financial advisory and brokerage services across the Maldivian capital market. As Lead Arranger and Principal Adviser, DIP oversees the structuring and execution of the bond issuance, coordinating with relevant stakeholders and supporting compliance with applicable regulatory and exchange requirements.

The bond offering is open to investors upon invitation by the issuer. Eligible investors may submit subscription applications and make payments through the MSE's Viyana Portal, in accordance with the applicable offer terms.