MTDC board approves proceeding with rights issue
The board of Maldives Tourism Development Corporation (MTDC) has granted approval to proceed with a rights issue, a move that would allow existing shareholders to purchase additional shares in the company.
By Rishwan Share
The board of Maldives Tourism Development Corporation (MTDC) has approved moving forward with a rights issue.
A rights issue allows a company to raise capital by offering existing shareholders the opportunity to purchase additional shares, typically in proportion to their current holdings. Further details on the size, pricing, or timeline of MTDC's planned rights issue were not immediately available.
MTDC holds several island resort developments through sublease arrangements. Alongside Ayada Resort, the company has subleased B. Kihaavah Huravalhi to Minor International since 2007, where the resort has operated as Anantara Kihavah Villas since opening in 2010.