A first coupon payment of MVR 7.46 million has been distributed among holders of Euro Marketing Pvt Ltd’s bond, the first of its kind sold in the Maldives capital market by a private company.
The Euro Marketing bond garnered popularity among investors, the lead arranger for the bond issuance, First National said in a statement released on Saturday to announce the disbursement of the first-period payment.
Euro Marketing, an import-export wholesaler and retailer, plans to use the proceeds of the MVR 25 million bond to build a storage warehouse in Hulhumale’.
The bond was structured as a “conventional amortized bond” with a maturity of four years. Annual payments, comprising principal and interest, would be made until maturity to investors.
The bond was issued on December 29, 2022. It was the first private placement through the Viyana portal of the Capital Market Development Authority (CMDA).
Last month, First National also listed a Shariah-compliant Sukuk offering from EyeCare Pvt Ltd.
