Calculations indicate that the Maldivian government would need to spend $71.7 million (MVR 1.1 billion) to acquire the 9.2 percent stake required to gain majority ownership of Dhiraagu, based on the company's current market value.
As a public limited company, Dhiraagu’s valuation, or market capitalization, is determined by multiplying the total number of shares by the current share price.
Dhiraagu has a total of 76 million shares. Of these, 39.5 million shares are held by the majority shareholder, Bahrain-based Beyon (formerly BTC Islands Limited). The Maldivian government holds 31.7 million shares, while the remaining 6.2 million shares are owned by the general public.
According to the Maldives Stock Exchange, Dhiraagu’s shares are currently trading at MVR 158.31. At this price, the company’s total market valuation stands at approximately $780 million (MVR 12 billion).
Dhiraagu’s Shareholding Structure
- BTC Islands (Beyon): 52 percent
- Government of Maldives: 41.8 percent
- Public Shareholders: 6.2 percent
To achieve President Mohamed Muizzu’s recently stated goal of securing a government majority—increasing the state's holding to 51 percent—the government must acquire an additional 9.2 percent stake. This would require purchasing 6.9 million shares from Beyon’s current holdings.
In share trading, stocks are typically sold at face value only under duress or if the company’s financial health and future outlook are poor. However, Dhiraagu remains a financially robust and highly profitable entity. Given its essential services, the company has a promising future and continues to make investments to expand its infrastructure.
Under these circumstances, any government proposal to purchase shares would likely need to account for Dhiraagu’s projected future earnings. To facilitate such a transaction, the government would have to offer a price that reflects Beyon’s investments and provides a sufficient incentive for them to relinquish their majority control.
Dhiraagu has yet to comment on the matter, and it remains unclear whether a formal proposal has been submitted by the government, what price has been suggested, or the terms under which the shares would be acquired.
