Maldives Transport and Contracting Company (MTCC) has approved a dividend of MVR 3 per share for the 2025 financial year, following a resolution passed by shareholders at the company’s Annual General Meeting (AGM).
The meeting, held on Thursday evening, also saw shareholders approve the company’s audited financial statements, appoint an independent director and endorse several corporate governance decisions.
According to MTCC, the dividend was approved for shares with a face value of MVR 5 each, representing a payout equivalent to 60 percent of the nominal share value.
The AGM was conducted virtually through FahiVote, an electronic voting platform operated by the Maldives Securities Depository.
A total of 59 shareholders participated directly in the meeting, while another 14 were represented through proxies.
Together, the participants represented 5,602,272 shares, accounting for 69.75 percent of the company’s total shareholding.
The approval of the dividend was among the principal decisions made during the meeting, allowing eligible shareholders to receive a return on their investment for the 2025 financial year.
Shareholders also approved several changes relating to the company’s Board of Directors.
The AGM was attended by seven directors representing government and public shareholders.
Two directors representing public shareholders had vacated their positions following the completion of their terms after the 2025 AGM.
During the meeting, Hussain Hassanfulhu was appointed as a Non-Executive Independent Director.
Independent directors play an important role in corporate governance by providing oversight and contributing to board decisions without being involved in the company’s day-to-day management.
Shareholders also endorsed MTCC’s audited financial statements for 2025, including its balance sheet and profit and loss statement.
The company’s Directors’ Report was approved, along with the minutes of the 2024 Annual General Meeting.
Proposed amendments to MTCC’s Articles of Association were also passed during the meeting.
The Articles of Association establish the rules governing a company’s internal administration, including its management structure, shareholder rights and decision-making procedures.
In another resolution, shareholders approved the appointment of Deloitte Partners as MTCC’s external auditor for the 2026 financial year.
The external auditor is responsible for independently examining the company’s financial statements and providing assurance regarding its financial reporting.
The decisions taken at the AGM form part of MTCC’s annual shareholder approval process, covering financial performance, dividend distribution, board representation and corporate governance arrangements.
