BML calls for EOI regarding sale of Reethi Beach, Mahadhdhoo

Bank of Maldives (BML) has called for Expression of Interest (EOI) regarding the sale of Reethi Beach Resort and Mahadhdhoo Island.

The bank, in separate announcements on 27 April, invited eligible investors, local or foreign, with demonstrated financial capability to register their interest by submitting an EOI to acquire head lease rights and all assets of the 114-room resort at Reethi Beach Resort in Baa Atoll, and the resort under development at Mahadhdhoo Island in Gaafu Alifu Atoll.

The date of closure for the submission of EOI is 3:00 p.m. on Thursday, 29 May 2014.

The EOI must include details of the individual, firm, company or consortium, including company profile, expertise and resource capacity, as well as a brief background of senior management personnel.

BML said that shortlisted EOI proponents will be invited to visit the location, after which it will issue a Request for Proposal (RFP).

BML claimed the islands, which had been put down as mortgage for a MVR 117 million loan, when the relevant parties failed to repay the loan after it reached MVR 206 million including interest.