State Trading Organization plc (STO) was registered as a public company in August 2001 and 1,126,910 shares were issued. During the IPO, 2.44% of these shares were sold to general public with the state holding the rest.
A second offering took place in 2003, increasing the public ownership of STO to 7.71%, and a third in 2009 further increased that figure to 16.46%. In 2010 the Goverment offered Provident Fund holders the option to use their savings to purchase state-owned share in public enterprises at a discount. Over 5000 additional state shares in STO were transfered to general public this way.
Current share structure of STO is as follows:
| No. of Shares | % owned | |
|---|---|---|
| State | 919,869 | 81.63 |
| Public | 207,041 | 18.37 |
| Total | 1,126,910 | 100.00 |
Despite the effects of the worldwide economic downturn that began in 2008, STO has performed well over the years as a public enterprise, and this is reflected in the attractive dividends the company has been paying.
The last Annual General Meeting (AGM) of STO was held on 16th May 2013. The Annual Report for the year 2012 was released at the meeting.
My future aspiration for the Company is to see STO becoming a self-sustainable company which operates on a strong financial backbone. That is my vision for the Company.— Shahid Ali, MD
STO shares can be traded both ways through the Maldives Stock Exchange (MSE). MSE can be reached via phone at (960) 330 7878 and via email at info@mse.com.mv. For more information about MSE please visit their website at www.mse.com.mv.
For further information on STO shares please contact the Company Secretariat via email at cs@stomaldives.net or phone at (960) 3344 383.
