Board member of Maldives Stock Exchange (MSE) Mohamed Jaish Ibrahim has said the Maldivian Capital Market is capable of funding mega developmental projects run by the Government of Maldives.
Speaking at the inauguration ceremony of Maldives Capital Market Development Forum organized by Capital Market Development Authority (CMDA) and MSE, Jaish said the number of companies registered at MSE has been limited in the past 11 years since the inception of MSE, adding it has hindered market development. He further highlighted that regardless of the limited number of corporations registered at MSE, by 2018, the market capitalisation of the listed companies is over USD 1 billion.
Therefore, Jaish said collaborations between MSE and the administration is significantly important in carrying out developmental projects. He also stressed the role MSE could play in raising finance for development activities stated in the Strategic Action Plan (SAP) publicised by the administration, including the development of Gulhifalhu Port, expansion of Velana International Airport (VIA), development of regional urban centres and halal tourism in Maldives. This will in turn reduce government debt and result in less negative impacts in managing the state budget.
There are only 8 companies currently listed in MSE, which includes State Trading Organisation (STO), Maldives Transport and Contracting Company (MTCC), Bank of Maldives (BML), Maldives Tourism Development Corporation (MTDC), Dhiraagu, Amana Takaful, Housing Development Finance Corporation (HDFC), Centurion and Ooredoo Maldives.