Cabinet approves plan to buy back Dhiraagu and MWSC shares
The government currently holds 41.8 per cent of Dhiraagu. The government owns 80 per cent of MWSC, with Japan’s Hitachi holding the remaining 20 per cent.
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The Cabinet has decided to buy back shares in Dhiraagu and Malé Water and Sewerage Company (MWSC) sold during former president Mohamed Nasheed’s administration, with the aim of securing government majority ownership of Dhiraagu.
The President’s Office announced the decision on Monday but did not disclose the proposed purchase prices or a timetable for completing the transactions.
The government currently holds 41.8 per cent of Dhiraagu. Bahrain’s Beyon owns 52 per cent, while public shareholders hold the remaining 6.2 per cent.
The government owns 80 per cent of MWSC, with Japan’s Hitachi holding the remaining 20 per cent. Hitachi acquired its stake during Nasheed’s administration.
The President’s Office said increasing state ownership in the two companies would benefit the country because both generated profits. It described the sale of shares under the Maldivian Democratic Party administration as a loss to the state.
The office said the planned purchases would bring the companies under Maldivian ownership. It did not specify how much of Dhiraagu’s shareholding the government intended to acquire.
