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MIB listed on Maldives Stock Exchange

Finance Minister Ibrahim Ameer (C) takes part in the ceremonial bell ringing to mark the listing and opening of the market for MIB shares on November 17, 2019. (Photo/MIB)

Maldives Islamic Bank has been listed on the Maldives Stock Exchange, and the market for its shares is now open for trade.

MIB was listed on the Maldives Stock Exchange on Sunday, November 17.

It follows the success of its Initial Public Offering (IPO) which offered 6,975,000 shares for public subscription and purchase towards raising MVR 244,125,000.

According to MIB, its IPO was oversubscribed by 46.05 percent by the end of the subscription period, which it says is unprecedented in the history of the local capital market.

MIB celebrated its listing on the Maldives Stock Exchange with a ceremonial bell ringing to signify the listing and opening of the market for its shares in a special event attended by Finance Minister Ibrahim Ameer on Sunday.

The market for MIB shares opened at MVR 35 per share.

Speaking at the event, MIB’s Managing Director and CEO, Abdul Euthesham Abdul Muhaimen acknowledged the bank’s partners ICD, NDBIB, CMA, ROC, MSD, Shah, Hussain and Co., Think Associates, Dhiraagu, Ooredoo Maldives and BML who played key roles in making its IPO a success.

“I am told that this is the most successful IPO in the recent history of the Maldives. And this would not have been possible without the guidance from the Board of Directors and the dedicated and hardworking team at MIB,” said Muhaimen.

MIB’s listing brings the tally of companies listed on the Maldives Stock Exchange to eight.

Chairman of Maldives Stock Exchange, Alau Ali has congratulated MIB on its success. He described MIB’s performance as evidence of the string and growing investor confidence in both MIB and the capital market.

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