Bank of Maldives and MTDC at risk of trading penalties over AGM delays: Stock Exchange
25 Sep 2012, 3:55 PM
Neil Merrett
The Maldives Stock Exchange (MSE) has warned that the Bank of Maldives (BML) and the Maldives Tourism Development Corporation (MTDC) could both face trading restrictions over an ongoing failure to hold their respective annual general meetings (AGMs).
MSE CEO and Managing Director Hassan Manik told Minivan News that both companies had yesterday received final notices to hold their AGMs as soon as possible, after previously failing to hold the meetings no later than five months from the end of the financial year.
Both companies are now said to have agreed to announce dates within the next seven days for when the respective AGMs will be held, according to the MSE.
Manik stressed that under the MSE’s listing guidelines, failure by a company to hold an AGM within the required deadline could see it facing penalties including being suspended from trading securities.
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