The Maldives Tourism Development Corporation (MTDC) has denied reports that it plans to sell or transfer its head lease rights over any islands sub-leased for resort development.
Under lease agreements with the government, MTDC holds the head lease rights to three islands dedicated for tourism development. They are Naagoashi in Haa Dhaalu Atoll, Maguddhuvaa in Gaafu Dhaalu Atoll and Kihavahhuravalhi in Baa Atoll.
MTDC said no discussions or decisions have been made regarding the sale of these rights pertaining to the three islands. The corporation said it retains full ownership of the leasehold and related rights for these islands.
The company stressed it has no plans to directly or indirectly diminish, transfer or restrict its ownership interests through any transaction. MTDC assured shareholders that there are no ongoing negotiations with any party to sell or relinquish its rights over the three islands.
The company described rumours that its assets are being sold at below-market prices as false. MTDC said it will continue to publicly disclose any transactions in accordance with applicable laws, regulations and stock exchange listing rules.