MedTech has disbursed MVR 2 million in its debut Sukuk payout.
Earlier in 2023, MedTech Diagnostic sold Sukuk to interested investors in a bid to increase the company’s capital, which it aimed to redirect towards the development of a health and rehabilitation center in Hulhumale’.
The company sold MVR 30 million in Musharaka Sukuks to raise the funds required for the facility.
First National Finance Corporation (FNFC) the Sukuk’s arranger, said the periodic profits have already been deposited to investor accounts on Monday, November 27.
MedTech, a local medical equipment and consumables supplier in the Maldives, listed its debut Sukuk on Viyana stock exchange portal as a private placement earlier in April 2023.’
The company’s periodic profit of Sukuk was disbursed at a rate of MVR 97.82 per share, which makes it significantly higher than the dividends paid out by other companies listed on the Capital Market Development Authority (CMDA).
Speaking about the Sukuk, CEO of FNFC Hassan Ziyath noted that MedTech’s Sukuk encouraged the development of Islamic finance market in the Maldives. He added, “We have certainty MedTech would continue to issue Sukuk as per the company’s prospectus.”