The premier state-owned enterprise of Maldives, State Trading Organization (STO) announced its decision of transferring the company's ordinary shares at Addu International Airport to state.
According to the state's primary public enterprise, the corporation held shares at Addu International Airport (AIA) at a face value of MVR1,000 per share for 40,000 ordinary shares.
STO hold a share value worth of MVR40,000,000 at the international airport operated at Addu atoll Gan.
It was reported the state-owned enterprise is set to transfer the full share value it hold at AIA, to the company's primary shareholder; Maldives government.
Found in 2011, Addu International Airport was formed with 50% of the Maldives government's shares, 10% each for STO and Maldives Airports Company Limited (MACL).
In addition to this, 30% of the remaining shares are retained under Casa Holdings, owned by renowned local businessman Hussain Afeef (Champa).
Post share transfer, Maldives government will be subjected to 60% of Addu International Airport company's shares.
