MTDC denies plans to sell head lease rights of resort islands
MTDC said its management and Board of Directors have not held discussions with any party regarding the sale, transfer or release of the head lease rights.
The Maldives Tourism Development Corporation (MTDC) has denied reports that it plans to sell the head lease rights of resort islands subleased for development and operation, stating that no such decision has been made or discussed.
The statement follows reports alleging that MTDC was seeking to sell the head lease of Gaafu Dhaalu Maguhdhuvaa, which is operated as a resort by a Turkish company, at a price below market value.
In a statement issued on Monday, MTDC said Haa Dhaalu Naagoshi, Gaafu Dhaalu Maguhdhuvaa and Baa Kihavah Huravalhi are leased to the corporation by the government for resort development, and that MTDC remains the sole holder of the head lease rights to all three islands.
"We assure that this company has not made any decision—directly or indirectly—to sell, transfer, or engage in any transaction regarding any portion of the head lease or head lease rights of these islands or any asset of MTDC in a manner that compromises or restricts the ownership rights and interests held by this corporation," the company said.
MTDC said its management and Board of Directors have not held discussions with any party regarding the sale, transfer or release of the head lease rights or any other transaction that would affect the company's ownership interests.
The corporation also rejected reports alleging that it intended to dispose of company assets below market value, describing the claims as false.
MTDC urged shareholders and stakeholders to rely only on official announcements and disclosures issued by the company in accordance with applicable corporate regulations and listing requirements.
