Government plans to sell Dhiraagu shares to foreigners, claims PPM
06 Oct 2011, 11:31 AM
The government’s decision to offer 15 percent of its shareholdings in local telecom giant Dhiraagu for sale to the general public is intended to benefit foreign parties, the incipient Progressive Party of Maldives (PPM) alleged today.
At a press conference this afternoon, PPM Spokesperson MP Ahmed Mahlouf claimed that the party has learned through “inside information” that the government planned to sell a large portion of the shares up for sale through the Initial Public Offering (IPO) to British company Cable & Wireless, which currently owns the majority stake of Dhiraagu.
The government sold seven percent of its shareholding in Dhiraagu to Cable & Wireless in 2009 for US$40 million.
“While claiming to sell 15 percent to Maldivian citizens what they’re doing now is selling shares to Cable & Wireless again,” Mahlouf said. “We received inside information long ago that a large part of that 15 percent is going to be bought by Cable & Wireless.”
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