Finance Ministry asks to halt sale of Gan Airport shares

Ministry of Finance has requested to halt the signing of the agreement to confirm the sale of 30 percent shares of Gan Airport in Addu City, to Kasa Holdings.

Managing Director of State Trading Organisation (STO) Shahid Ali told Sun Online today that Finance Ministry, upon being requested for permission, asked to halt the sale of the shares until Public Enterprises Monitoring and Evaluation Board (PEMEB) makes a decision on the matter.

“We can proceed once PEMEB makes a decision. Finance Ministry requested this in order to keep things procedural. So we have halted selling the shares,” Shahid said.

Addu Airport Development Consortium is a consortium formed by Maldives Airports Company Limited (MACL) and STO.

Kasa Holdings, a joint venture between Champa Hussain Afeef and a Malaysian company, has expressed interest in purchasing shares of Addu Airport Development Consortium.

The airport development project is estimated to cost US$40 million (MVR616 million), which will include the extension of 350 meters to the existing runway, provision of ground handling, tower equipment and other facilities required to operate an international airport.

Gan airport project has been awarded to the company for 50 years.

Leader of Jumhooree Party (JP) and renowned businessman Gasim Ibrahim has criticised Champa Afeef for Kasa Holding’s interest in purchasing the shares of the Gan airport development company.