Polco sells shares to police officers at MVR 100 per share

Police Cooperative Society (Polco), formed under the Police Act to engage in business activities, has started selling shares to police officers at MVR 100 per share.

The police said in a press release today that police officers were first invited to buy shares of Polco last year on the anniversary of Maldives Police, 29 March, and the period of sale of shares was extended until 30 June 2013 as decided by the Board of Directors of Polco in a meeting held on 16 June 2013.

No further details have been given on the sale of shares by Polco.

The police further said in the press release that the Board of Directors of Polco had decided to award a hajj trip to a shareholder chosen by drawing lots.

Polco was established to improve and expand welfare of the police. The police said in the statement that Polco had signed a Memorandum of Understanding (MoU) with the Institution for Security and Law Enforcement Studies (ISLES), to facilitate ways to reduce expenses for police officers who participate in courses run by ISLES. The police said that Polco had, under this MoU, assisted the first batch of officers who participated in ISLES degree program with their course fees.