Maldives Ports Limited (MPL) has listed a bond on the private equity market.
MPL listed its bond on the Private Securities Segment of the Maldives Stock Exchange (MSE), “Viyana” platform. The bond is worth MVR200 million and has a one year borrowing period.
The company is seeking to raise MVR50 million in equity through this bond listing, while borrowers will receive a 7% annual profit.
MPL’s Chief Executive Officer Shahid Ali said that the company listed the bond to raise capital for its business expansion in light of economic growth. He also assured that the bond investors will receive their profits as per the terms of investment.
All parties registered with the private placement market will be able to purchase the bond, added MPL.
The company’s bond listing arrangements were executed by the First National Finance Corporation, including bond structuring, prospectus development, and due diligence.
MPL’s 2021 annual report revealed that the company earned MVR650 million from sales, and further reported an MVR900 million in assets.