BML says investors show interest in planned $300 million sukuk

Bank of Maldives says international investors have shown interest in the bank’s planned USD 300 million Sukuk issuance aimed at supporting foreign currency availability and financing key sectors including tourism.

To assess investor interest, BML conducted a series of non-deal roadshows between 29 April and 8 May in Hong Kong, London and Singapore.

According to the bank, its management met with fund managers and investors from Asia, the Middle East and Europe during the programme.

The roadshows marked the first time BML had conducted an international investor outreach initiative of this scale.

Speaking on the “Raajje Miadhu” programme aired by Public Service Media, BML Chief Executive Officer and Managing Director Mohamed Shareef said the meetings had generated investor interest.

In addition to in-person meetings in Singapore, London and Hong Kong, the bank also held virtual discussions with investors from the United Arab Emirates.

Shareef said investors had responded positively to the bank’s financial performance and balance sheet position.

“The level of interest shown has been very encouraging. We have received written assurances from several parties confirming their intent to participate and invest once the Sukuk is officially launched,” Shareef said.

According to the bank, the Sukuk issuance is intended to support the expansion of commercial operations and increase financing for tourism and other sectors of the economy.

Shareef said the initiative would also help address foreign currency challenges faced within the market.