Maldives Transport and Contracting Company (MTCC) has withdrawn its decision to amend the operating regulations of the company, as per the request of Capital Market Development Authority (CMDA).
Earlier, MTCC decided to put the amendments proposed to its operating regulations to vote, in the Extraordinary General Meeting held at Hotel Jen, Thursday night. The company had also decided to slash the face value of company shares and propose a motion to sell shares to shareholders via a rights offering.
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MTCC said that they wished to increase the number of directors on their board to ten. However, none of these motions were endorsed.
The proposed amendments to the operating regulations were withdrawn, in response to a request by CMDA. The operating regulations still had provision that contravened the Corporate Governance Code, according to CMDA.