No shares of AIA will be sold to foreign parties- Shahid Ali

Shahid Ali, the managing director of the State Trading Organisation (STO) has said that the no shares of the Addu International Airport Company (AIA) will be sold to foreign parties. He said the company shares will remain with the people of Maldives always.

Shahid informed Miadhu Daily that the shareholders agreement under the agreement signed to sell the 30 percent shares of AIA to Kasa Holdings stipulates that no shares of the company can be sold to foreign parties.

In the press conference held yesterday at STO, Shahid said the discussions of the board to sell of the shares concluded that the shares should be sold only to Maldivian parties and no shares of the company can be sold to foreign parties. He said that the selling of the shares to Kasa Holdings was decided because it is a hundred percent Maldivian company.

Shahid informed Miadhu Daily that no share holders can sell their shares to minority partners. And the share holders can only sell their shares to the state. And if Kasa Holdings decides to sell their company, the shareholders agreement requires that the shares be reclaimed back to the state.

Shahid said that the selling of the shares of AIA was commenced in 2011 to finance the development of the airport.

Noting that the Anti Corruption Commission (ACC) is now investigating the matter, Shahid assured full cooperation to ACC’s investigation.