Centurion reports end of IPO

Centurion plc, the first private Maldivian company to get listed in Maldives Stock Exchange has reported the end of its Initial Public Offering.

The duration of its IPO, which began in October 20, 2016, ended on January 30, 2017.

During the period, Centurion travelled to 31 Maldivian islands to sell the shares, assigning agents to sell shares in 10 more islands.

Chairman of Centurion, Ahmed Maumoon reported to “Sun” this Wednesday that the company would announce the exact number of shares sold on February 10, once the internal audit into the IPO is complete.

Centurion put 6.7 million of its shares up for sale, at the rate of MVR 25 per share.

The shares make up for 49 percent of the company.

Buyers needed to purchase a minimum of four shares – which is a MVR 100 investment.

The MVR 168 million Centurion hopes to raise from the sale of the shares will be used for capital investment.