Govt to repurchase shares sold from Dhiraagu and MWSC

The government has decided to buy back the shares sold by Dhiraagu and the state-owned water company Male’ Water and Sewerage Company (MWSC).

President Dr. Mohamed Muizzu told a news conference on Monday that one of the most important decisions he has made is to increase the government’s stake in Dhiraagu to 51 percent.

The President said the shares were sold by the previous MDP government and that they are a major state asset. He said the move is being taken in the interest of the people.

“Therefore, the work of increasing the majority control of the government’s shares sold by Dhiraagu to 50 percent has now started. All the work required in this regard will be carried out at a fast pace,” President Dr. Mohamed Muizzu.

Dhiraagu was initially established with a 55 percent stake held by the Government of Maldives and a 45 percent stake held by the UK‑based Cable & Wireless.

In 2009, the government sold seven percent of its shares to Cable & Wireless for USD 40 million, reducing the state’s shareholding to 48 percent. Two years later, in 2011, the government sold an additional 6.2 percent of Dhiraagu’s shares to the public, converting the company into a public limited company. Dhiraagu is now majority‑owned by Bahrain Telecommunications Company (Batelco), which acquired Cable & Wireless Maldives in 2013, a shift that has kept the government’s stake below 50 percent for more than a decade.

As Dhiraagu remains one of the country’s most strategically important utility providers, the President’s announcement signals a move to restore majority state control over a key national asset.

President also announced Monday that the government will buy back the shares held by Japanese company Hitachi in MWSC. The government currently holds an 80 percent stake in MWSC, while Hitachi owns the remaining 20 percent.

Hitachi acquired its stake in January 2010 during the administration of former President Mohamed Nasheed. MWSC is among the most profitable state-owned enterprises, consistently contributing strong dividends to the state, which makes full government ownership a significant policy shift in the utilities sector.