Regulation on grant of rights with respect to tourist resorts has been amended to allow companies that operate resorts in the Maldives to transfer their shares without prior approval from the Tourism Ministry.
The amended regulation which came into force on Sunday has omitted two articles in the previous amendment.
One of the articles which was omitted in this regard is the one mandating companies leasing an island or land for the purpose of developing and operating a tourist resort to seek prior approval from Tourism Ministry before shares of the company could be transferred. The second article which was omitted required the share certificate issued by the relevant government authority upon the completion of share transfer to be submitted to the Tourism Ministry within seven days.
The amendment comes at a time multiple islands have been opened for bidding for development as tourist resorts. Tourism Ministry, on January 23rd, gazetted an announcement opening bid applications for 14 locations including islands and lagoons for resort development.