Government to raise Dhiraagu stake to 51%

President Dr. Mohamed Muizzu announced today that the government plans to buy back shares in Dhiraagu, aiming to raise its ownership stake in the telecom operator to a majority holding of 51 percent.

Speaking at a press conference held today, President Muizzu described the move as one of the most important decisions being made, noting that the shares in question represent a significant state asset and that the decision is being taken in the interest of the public's welfare.

Dhiraagu is currently majority-owned by Bahrain Telecommunications Company B.S.C (Batelco), which holds 52 percent, with the Government of Maldives holding 41.8 percent and the remaining 6.2 percent held by the public. Raising the government's stake to 51 percent would substantially shift the balance of ownership in the company.

Further details on the mechanics, cost, and timeline of the share buyback are expected to follow.