Government to take full ownership of MWSC
Currently, the Government owns 80 percent of MWSC, while 20 percent of the company's stake is held by Japan's Hitachi.
The Maldives Journal
Following a Cabinet decision, the Government has announced that work has begun to acquire a controlling 51 percent in Dhiraagu and take full ownership of the Malé Water and Sewerage Company (MWSC).
Further speaking on the issue, President Dr Mohamed Muizzu stated that the acquisitions would increase state ownership in telecommunications and water services, which he described as important national assets.
Currently, the Government owns 80 percent of MWSC, while 20 percent of the company's stake is held by Japan's Hitachi. With the planned acquisition, the Government is set to hold 100 percent. The Managing Director of the Company, Hussain Fahmy, has stated that the company is set to significantly strengthen its services and streamline operations once it transitions into a 100 percent Government-owned entity.
Speaking to PSM News, Fahmy stated that currently MWSC is not able to secure large loans, and even if the Government wants to assist, having athird party involved makes it difficult. Further speaking on the matter, Fahmy stated that when the company becomes 100 percent Government-owned will bring massive advantages to the company.
