After listing in the Maldives Stock Exchange (MSE), Maldives Islamic Bank (MIB) has begun initial public offerings.
The bank has decided to offer USD 446,830 which is equivalent to 31% of bank's shares as an initial public offerings at a rate of USD 2.27 per share. The shares are divided in to two categories which are USD 38 million of MIB shares and USD 21 million of Islamic Corporation of the Development of Private Sectors. The bank expects to receive USD 59 million from the shares.
Speaking to the press, Managing Director of MIB Abdul Ihthisham Abdul Muhaimin said the decision will increase the revenue of the bank and boost investments. He expressed MIB hopes many Maldivians will buy shares form the bank.
The least amount of shares which can be bought is 20 shares, which amounts to USD 45.33 at a rate of USD 2.27 per share.