President Dr Mohamed Muizzu has established a new state-owned company, Infrastructure Development Solution Company Limited, under Article 15 of the Companies Act. The company was formed by Presidential Decree and officially published in the Government Gazette on Friday.
Fully owned by the government of Maldives, the company is set to drive urban development projects in both densely populated and rural areas across the country. In line with the government’s economic agenda, it will focus on construction, casting, and related works using modern technology and resources.
The company has an authorised capital of USD 6.48 million, divided into 10 million shares with a nominal value of USD 0.65 each. It will operate as a separate legal entity with its own seal and will have the legal capacity to enter into agreements and initiate or respond to legal proceedings in its own name.