Shareholders of the Maldives Transport and Contracting Company (MTCC) have rejected a proposal to pay a dividend of MVR 4 per share on last year's profit.
MTCC directors’ board decided to distribute MVR 4 per share as dividend. A total of MVR 32 million from the profit was set to be given out as dividend.
However, 119 shareholders at the annual general meeting held at Kurumba Maldives on Thursday night voted against the proposal.
In 2021, MTCC earned MVR 1.97 billion. The amount increased to MVR 2.47 billion in 2022, however, net profit dropped to MVR 195.7 million from MVR 231 million.
Shareholders who were registered before April 12 were eligible to attend the annual general meeting.
The dividend proposed by the board for this year is a record amount in MTCC’s history. The government is the majority shareholder of the company.
