The Maldives government has decided to sell the shares it owned in various tourist resort properties across the country, confirmed the Minister of Tourism Dr. Abdulla Mausoom.
The Ministry of Finance recently had announced that the state was looking to sell shares it owned in three islands designated for tourist resort development. The islands are;
- V. Bodumohoraa Investment Private Limited
- Sh. Naainfaru Holdings Private Private Limited
- Sh. Hurasfaru Holdings
The ministry meanwhile, is seeking interested parties to valuate its shares.
Dr. Mausoom said that the state decided on selling its shares owing to lack of profitability from the three properties, and to enhance better management opportunities to other private sector ventures.
Earlier, the Maldives Tourism Act was amended allowing local private companies to purchase state-held shares on tourist properties.
State held shares in some tourist properties owing to issuing these islands for tourism development without any bidding procedure. The Maldives government usually retains between 5 to 10% shares in islands issued for tourism development without bidding.