President Dr Mohamed Muizzu has said the Government has begun efforts to secure a majority stake in Dhiraagu and acquire the 20 per cent stake in Male' Water and Sewerage Company Private Limited (MWSC) that was sold to an overseas company.
The President made the remarks while briefing journalists on the Government's efforts to strengthen the management of state-owned companies. He said the Government decided to acquire shares in Dhiraagu and MWSC following consultations with the Cabinet.
President Dr Muizzu said the Government has undertaken extensive work to strengthen its operations and has decided on further measures to improve the management of state-owned companies and operate them under a more cost-effective system.
As part of these efforts, the Government has decided to increase its stake in Dhiraagu to 51 per cent. President Dr Muizzu said the Government previously held a majority stake in Dhiraagu, but the first Maldivian Democratic Party (MDP) administration sold the shares.
Describing Dhiraagu as a major public asset, the President said increasing the Government's stake to 51 per cent was essential for the welfare and benefit of the people, as well as to expand and further develop the Maldivian economy.
The Government is also seeking full ownership of MWSC. President Dr Muizzu described MWSC as an important company to the Government and said work had begun to make it 100 per cent Government-owned.
He said the move was of significant importance to the public and was necessary to provide services and further strengthen MWSC. To achieve this, the Government has begun work to acquire the 20 per cent stake that was sold to an overseas company.
The Government currently holds a 41.8 per cent stake in Dhiraagu, while BTC Islands Limited holds the majority stake. In MWSC, the Government holds 80 per cent of the shares, while Hitachi Group holds the remaining 20 per cent.