Third of government’s Dhiraagu shares to be made public

The government has decided to release a third of its shares in local telcoms giant Dhiraagu to the public.

Dhiraagu a major player in the telecommunications, mobile and broadband internet markets of the Maldives, and is one of the country’s most profitable companies.

The government will make a third of its shares available to the public from October, to both local and foreign parties, reports Sun Online. Share prices have not yet been published.

The Maldivian government previously held 55 percent of Dhiraagu’s shares, while the British company Cable and Wireless held the remaining 45 percent. Upon winning the 2008 presidential election, President Nasheed’s government sold 7 percent of the shares to Cable and Wireless, reducing government shares to 48 percent and giving Cable and Wireless a controlling interest.