Maldives Islamic Bank (MIB) has officially launched Initial Public Offering (IPO). Minister of Finance Ibrahim Ameer officially launched the IPO at a ceremony held at Hotel Jen.
Speaking at the ceremony, CEO and Managing Director of Abul Ihthisham Abul Muhaimin said the new service will connect the bank and the public. He further noted USD 15.798 million will be offered as shares to the public.
Meanwhile, finance minister noted the importance of operating the banks in a transparent system.
MIB began initial public offerings after listing in the Maldives Stock Exchange (MSE). The bank has decided to offer USD 446,830 which is equivalent to 31% of bank's shares as an initial public offering 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. 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.