MHA Private Limited raises MVR 30 million through Sukuk

MHA Private Limited has successfully raised MVR 30 million through a fully subscribed five-year Parallel Istisna Sukuk. The issuance consisted of 30,000 certificates with a face value of MVR 1,000 each, offering an expected annual profit rate of approximately 8% distributed semi-annually. The Sukuk was listed on the Viyana Board of the Maldives Stock Exchange and attracted both retail and institutional investors.

First National Finance Corporation served as the Principal Adviser and Lead Arranger for the issuance. The proceeds are designated to finance the development of MHA Promenade, a four-storey commercial complex in Hulhumalé. This project aims to expand the company’s retail and logistics capabilities by providing wholesale and distribution facilities, showrooms, storage warehouses, and modern office spaces.

MHA Managing Director Sofwan Ahmed stated that the development is intended to meet changing lifestyle needs by creating a modern, family-oriented destination for the community.