MNSL sells both flats in Singapore, settles all debts

Maldives National Shipping Limited has sold the two apartments it owned in Singapore for S$3.2 million (MVR 40 million), and settled its debts.

A senior official of MNSL said that its flat located at International Plaza was sold for S$1.3 million, and its flat located at Dragon Mansion was sold for S$1.9 million.

“MNSL Singapore now has no outstanding debts. We have paid the S$2.5 million owed to our creditors, and paid all the money owed to employees. Efforts are ongoing now, to dissolve the company in Singapore,” the official said.

He said that efforts are also under way to sell 18,700 shares of Maldives Transport and Contracting Company (MTCC) and 6,000 shares of Dhiraagu.

“It’s been difficult to sell MTCC’s shares because their profits have been low. But their situation has improved now, so we believe we can sell the shares. We are hopeful that we can sell the Dhiraagu shares as well,” he said.

He said that part of a loan worth $1.6 million taken from Bank of Maldives (BML), and $60,000 owed to Maldives Ports Limited (MPL) and Fuel Supply Maldives (FSM) remain unpaid.

“We are paying these sums. What remains is a small amount. Also, 90 percent of employees’ Provident Fund has been paid,” he said.

An official of the Ministry of Finance said that efforts are ongoing to dissolve the company as soon as possible.