Baa Atoll Council has bought 50,000 shares from Maldives Islamic Bank (MIB).
According to the Eydhafushi Times, the transaction was formalized during a ceremony held on Friday afternoon, and the 50,000 shares were received by the President of the Baa Atoll Council Mabrook Naseer.
Baa Atoll Council spent MVR 1,750,000 from their budget to buy the shares at the rate of 35 per share.
Eydhafushi Times reported that the Baa Atoll Residential Learning Centre had also bought 42,860 shares from MIB.
MIB went public on July 28, and will be selling shares until September 18. The bank registered themselves in the stock exchange and will be selling shares worth MVR 244 million to the public. That is 4.5 million shares of the bank, 2.4 million shares of the Islamic Corporation for the Development of Private Sector (ICD), as well as 6,975,000 million general shares.
The bank has informed that the decision to go public was made on the legal advice of the Shah, Hussain & Co with the help of international finance experts. They also revealed that they will be hiring KPMG as an audit firm to oversee the process.
MIB stated that the Initial Public Offering (IPO) was designed to encourage public involvement with low prices and easy reach.