MPL has commenced work with First National Company to raise MVR 200 million.
First National will work as the lead manager of MPL to increase the company's revenue and manage its debt using various financial instruments through the capital market. This is the first time first national company has been appointed as the lead manager of a local company in the Maldives.
CEO of MPL Shahid Ali said that has commenced work with First National to develop the company's financial situation in accordance with the company's strategic plan. He said that expanding the Maldivian financial market is essential for the continued expansion of economic activities.
He said that this was an important step towards the future of the company. He also expressed hope that the company's goals will be achieved with the assistance of First National.
"They have some of the most distinguished people in the Maldives. They are the people who are well versed in finances and we look forward to achieving this goal with their help," he said.
First National said the company was given the opportunity to manage MPL's funds and take its financial situation to a new level through a competitive bidding process.
Chief Investment Officer of First National, Abdul Haleem Abdul Latheef said MPL plays an important role in the Maldivian economy. It is a great achievement for the company to be able to work with MPL.
"We will be able to produce a good product that will be widely received in the market. In this regard, we will also provide opportunities for those who wish to invest in accordance with Sharia policies in the products we produce."
Under the agreement signed between First National and Maldives Ports, First National will work with the finance team of MPL on everything necessary to recover the money. First National will works on tasks such as designing ways to gain funds, obtaining necessary permits from relevant authorities and marketing activities.