The Maldives Ports Limited (MPL) has collected an income of USD3.2 million within a month from the sale of bonds.
It is the first time MPL has opened the sale of bonds in the private market. The seven-year bonds were opened for subscription on April 11 and were closed on June 19 this year. The aggregate value of the issue is USD12.9 million collected in tranches of USD3.2 million within a month. Investors of the bond would receive a return of 7%. MPL also aims to offer another USD3.2 million in bonds by the end of July.
MPL opened the bond sale to raise funds to further expand its port operations. MPL also generated total revenue of USD52.4 million in 2022, which is an increase of 15% compared to 2021, according to the latest published financial statistics published by the company. A net income of USD7 million, which is an increase of 43% compared to 2021 was generated in 2022. In addition, the Board of Directors of MPL has approved a dividend of USD4.3 million from the company's profit in 2022.