About Us

Carrying out privatization, corporatization, monitoring, evaluation, selling of public shares from the Government companies (government shareholding companies and commercial government businesses as under Law no. 3/2013 and all procedures relating to such activities).

Vision

Creating the best value for Maldives.

Mission

We continuously advocate;

  • Value for stakeholders; increased profitability and socio-economic value.
  • Corporate Good Governance; moving towards high efficiency.
  • Environmental, Social and Governance (ESG); continuous effort to protect pillars of ESG.

Core Values

  • Integrity: We uphold and adhere to the corporate governance standards, ethical conduct, and compliance.
  • Professionalism: We work independently with commitment and dedication to meet our obligations adhering to the corporate governance practices and well-defined performance.
  • Agility: We strive to work proactively to ensure we deliver our work promptly.
  • Transparency: We partner with all relevant stakeholders and keep informed for the benefit of public and shareholder’s interest.
  • Innovation: We research, develop, and disseminate empirically proven, and industry validated best practice for digital.

Mandate

  1. To organize, carry out, implement, look after and control the privatization of government businesses.
  2. To determine the procedure of privatization and get them approved by the President of Maldives.
  3. To monitor all the stages of privatization of government businesses.
  4. To monitor the progress and maintain the speed of the process of privatization.
  5. To determine a list of government companies to be privatized or corporatized and the order they need to be privatized and corporatized which is to be approved by the President of Maldives and carried out as such.
  6. To provide a report to the President of Maldives and the Peoples Majlis, based on the following points, after privatizing or corporatizing of any government business.
    • The procedure used to privatize or corporatize the government business and why that procedure was followed.
    • The actions taken in order to privatize or corporatize a government business.
    • The revenue received from the privatization and corporatization of government business.
    • Any other details related to the process.
  7. To carry out a research on the market value of the shares of the government business to be private or corporatized by way of an independent institution.
  8. To ensure that the process of privatization and corporatization under this law is carried out as per the following guidelines.
    • All proceedings related to the privatization must be done with the most transparency and by providing all the details to the general public.
    • The process must be open for all interested investors to compete.
    • The process must be fair and produce results.
    • Must not be a preplanned attempt to transfer the ownership to a specific party.
  9. To decide on the credentials of investors and people who want to purchase shares.
  10. To evaluate the proposals of investors and people who want to purchase shares.
    • Evaluate the capability of the person who wants to purchase shares of a government business and the place where he can buy said share.
    • Evaluate the potential and experience the person who wants to buy shares of a government business, has in the purchasing, selling and development of companies.
    • Find out the proposed price and conditions.
  11. The privatization process must be carried out in such a way that a person in the private sector, who is doing a similar type of business as the type of business carried out by the government business which is to be privatized, will not be the only person who does such type of business or will not facilitate the creation of a monopoly.
  12. To determine the documentation required for the privatization of a government business and draft samples of such documents.
  13. To find out and determine the people who are interested in investing in government businesses.
  14. To create the administrative policies in order to protect the confidentiality of the information obtained and create procedures to maintain such information.
  15. To maintain a close relationship with all the institutions involved in the privatization project.
  16. To keep on informing the citizens beforehand, about the major steps and activities involved in the privatization process and fully disclose information about any incidents.
  17. To carry out evaluations on the magnitude of the impact of the privatization of a particular government business on the economy.
  18. To carry out the following analysis regarding government companies, government shared companies and commercial government businesses.
    • Determine the basic characteristics of the people to be appointed by the government to the Board of the Government companies, Government shared companies and commercial government businesses.
    • Implement the procedures for choosing the people to be appointed by the government to the Board of the Government companies, Government shared companies and commercial government businesses and then appoint them.
    • Evaluate the fiscal status and budget analysis, the use of the capital allotted by the government, maintain the accounts and implement the procedures for the distribution of annual profits, determine the actions to be taken against companies that does not generate a profit, discuss with the relevant authorities about what to do about places that fail to produce a profit even after taking action against them except the places that are run for community services, of Government companies, Government shared companies and commercial government businesses.
    • Monitor Government companies, Government shared companies and commercial government businesses.
    • Enhance the workflow, carry out the research required to monitor the progress and provide advice on how to improve the work of Government companies, Government shared companies and commercial government businesses.
    • Investigate the fiscal performance of Government companies, Government shared companies and commercial government businesses.
    • Investigate the budget of Government companies, Government shared companies and commercial government businesses.
    • Maintain the books, maintain uniformity in auditing of Government companies, Government shared companies and commercial government businesses.
    • Investigate the use of the capital allotted by the government and make any investigations related to increasing the capital of Government companies, Government shared companies and commercial government businesses.
    • Carry out research on taking loans with the government as a guarantor and investigate the use of such loan funds taken by Government companies, Government shared companies and commercial government businesses.
    • Advise on the procedure on distribution of the annual profits of Government companies, Government shared companies and commercial government businesses.
    • Determine the actions to be taken against Government companies, Government shared companies and commercial government businesses which do not generate a profit and explore the impact of implementing such actions.
    • Determine whether the Government companies, Government shared companies and commercial government businesses are run according to the governments’ business policies and advise Government companies, Government shared companies and commercial government businesses in order to enforce the governments business policies.
    • To send the annual report of the previous year to the President of Maldives, the Peoples Majlis and the Auditor General before the end of month of February of each year.
  19. To carry out all direct and indirect work related to the duties of the Board mentioned in this law.