The Maldives Islamic Bank (MIB) on Sunday, 28 July commenced their sale of ordinary shares to interested parties under their Initial Public Offering.
The bank earlier announced its plans of going public and stated shares worth 6.9 million will be sold for interested parties – while the Initial Public Offering was officially inaugurated last week.
Under their IPO, MIB will be selling ordinary shares to the public until 18 September 2019. The face value of the ordinary shares sold will be MVR35.00 per share and the bank aims to sell a total of MVR244 million in shares.
According to the bank, each interested buyer can purchase a minimum of 20 shares, which amounts to MVR700 and if shareholders wish to increase their number of shares, they can add at a rate of 10 shares per increment.
Earlier during the inauguration of the IPO, the bank’s management had announced their public offering was carried in adherence and under expert advise from globally renowned finance and banking intellectuals from NDBIB. Additionally, the public offering will proceed under the legal advisory of Shah, Hussain and Co. as confirmed by the bank.
Furthermore, MIB announced the globally famous audit brand KPMG was roped in to act as the official auditor for the IPO.
To ensure success and accessibility for the IPO program, MIB had collaborated with Maldives Stock Exchange and acquired the latter’s Infinity Portal through which interested shareholders can buy the bank’s shares from anywhere across the globe.
The Maldives Islamic Bank which commenced its services nearly 8 years ago has been growing strong and showed resilience in its expansion and success with a recorded MVR52 million as net profit in 2018.