MACL to sell 40 percent of shares to the public

The government has decided to sell 40 percent of shares of the Maldives Airports Company Limited (MACL) to the public.

Speaking to Sun today, Minister of Finance and Treasury Abdulla Jihad said that shares will be sold to both private individuals and companies.

“We will allow Maldivian individuals and Maldivian companies to buy shares. We are trying to open the shares for purchase very soon.”

“We are trying to do as soon as possible and according to the law. We are making preparations,” Jihad said.

In 2010, former president Mohamed Nasheed’s government leased the management of the Ibrahim Nasir Airport (INIA) to Indian infrastructure giant GMR Group for a period of 25 years, a decision which proved to be unpopular within the public. Risking contention with the Indian government and eventually straining the relationship India, incumbent president Dr Mohamed Waheed Hassan Manik annulled the GMR agreement in December 2012 and handed the airport back to MACL.

With a projected profit of MVR 1.2 billion for 2013, MACL generates the highest revenue amongst all government owned corporate entities in the Maldives.

The company boasts of a 9 percent increase in international flights to INIA in the first half of 2013, with 650,000 passenger arrivals within the same period.

MACL predicts to receive 1.3 million international passengers in INIA by the end of 2013.