Govenment sells 20 percent of MWSC to Hitachi at same price
12 Jan 2010, 7:08 PM
Mazin Rafeeq
The ministry of finance has sold 20 percent of the Maldives Water and Sanitation Company (MWSC) to Japanese company Hitachi Plant Technology.
The deal was signed by Minister of Finance Ali Hashim and President of the Hitachi Company Masaharu Suvikawa in Male’ yesterday.
According to Fathmath Muaza, assistant director of the ministry of finance, the total sale was worth US$16 million, with 53400 shares sold at US$ 305.90 per share – the same price the government last bought them for.
Asked why the government has decided to sell part of a profitable business, Muaza said “At the end of 2008, the government had to buy back the shares it had with the Danish company [HOH Water Technology of Denmark] as per the [existing] joint venture agreement. All these years that company in Denmark held 24 per cent of the shares in MWSC.”
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