State Trading Organisation (STO) has decided to transfer its shares in Addu International Airport (AIA) Private Limited to the government.
STO announced the organisation will be letting go of the 10% shares it owns at AIA, which operates Gan International Airport in Addu City. However, STO has not revealed the reason behind the decision.
STO said the organisation’s shares in AIA will be transferred to the government, which owns the majority of shares in the company. STO said its shares will be valued in accordance to the price of shares listed by the AIA.
AIA was formed in 2011 jointly by the government, STO and Maldives Airports Company Limited (MACL), as a limited liability company. Following the transfer of STO’s shares, the company is now constituted of 60% shares by the government, 10% shares by MACL and 30% shares by Casa Holdings Private Limited.