Sale of MIB shares commences

Official launch ceremony of MIB's IPO. (Photo/Sun/Ahmed Awshan Ilyas)

Maldives Islamic Bank (MIB) has opened up the opportunity for the public to buy its shares through the Infinity Portal.

The public will be allowed to buy shares of MIB up until September 18. MIB will sell around MVR 244 million in shares to the public. MIB will also sell MVR 2.4 million shares of the Islamic Corporation of the Development of the Private Sector (ICD) and will sell around 69975,000 public shares. MIB will sell a single share for MVR 35 and will sell around 31 percent of its shares.

MIB has stated that it will allow the sale of 20 shares for MVR 35 at first and can be increased by 10 shares.

MIB will be selling shares under the advice of a team of international specialists as well as from the legal advisory team of Shah Hussain & Co. KPMG will act as the official audit firm. 

The bank has also made arrangements that will enable the public to buy shares from its branches and will also be able to purchase shares through BML online banking, Dhiraagu Pay and Ooredoo M-Faisaa.

Timeline of MIB's share sales process

Sale of shares will commence from July 28, 2019.

Sale of shares will conclude on September 18, 2019.

The estimated date of share allotment will be on October 08, 2019.

The date of the return of the money that exceeds the number of shares to be sold will be on October 28, 2019.

The allocated shares are estimated to be deposited to MSD on November 6, 2019.

Commencement of share trading is estimated to begin on November 6, 2019.