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State-owned dredging company spends MVR 1.05 billion without generating any revenue
The Auditor General's Office reported that Peninsula Infrastructure Private Limited, a wholly-owned subsidiary of MACL set up for dredging and land reclamation at Velana International Airport, generated no revenue from October 8, 2026 through the end of that year, recording a loss of MVR 31,000. The report also states the company spent MVR 1.05 billion on projects through the end of 2025, offset against debt owed to MACL, which has given written assurance to fund its operations.
Sources1carried itRE1 of 19 news outlets we monitor
Figures6as written, with their sentences
One outlet so far Only Raajje (English) has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Mon 2 NovThe Auditor General's Office signed and released a financial audit report on Peninsula Infrastructure Private Limited.on November 2, 2026only Raajje (English)According to the report signed and released by Auditor General Hussain Niyazy on November 2, 2026, the company generated no revenue during this period.
Word for word from the report in Raajje (English). Open the report
Promises in this story
what was committed, and where it stands
Maldives Airports Company Limited (MACL) · Provide the necessary funding to cover Peninsula Infrastructure's operational expenses and debt obligations.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
MVR 115.47 milliontotal assets (projected)Raajje (English)the company's total assets are projected to be valued at MVR 115.47 million by the end of 2025.
Word for word from the report in Raajje (English). Open the report
MVR 11.37 milliontotal equityRaajje (English)The company's total equity stands at MVR 11.37 million, which includes MVR 11.40 million in issued shares, offset by an accumulated loss of MVR 31,000.
Word for word from the report in Raajje (English). Open the report
MVR 104.10 milliontotal liabilitiesRaajje (English)the report highlights that the company carries total liabilities of MVR 104.10 million owed to various parties.
Word for word from the report in Raajje (English). Open the report
MVR 1.05 billionspending on projectsRaajje (English)the company spent MVR 1.05 billion on various projects through the end of 2025.
Word for word from the report in Raajje (English). Open the report
500 million sharesauthorized capital sharesRaajje (English)the company's authorized capital consists of 500 million shares, of which 113,985 shares have been issued to date.
Word for word from the report in Raajje (English). Open the report
113,985 sharesshares issuedRaajje (English)of which 113,985 shares have been issued to date.
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Other events named
no clear day, as worded
Peninsula Infrastructure was awarded the Ras Male' reclamation project and physical works have commenced and are underway.in 2025Ras Male'Raajje (English)Furthermore, the company was also awarded the Ras Male' reclamation project in 2025. It is noteworthy that physical works have already commenced and are currently underway.
Word for word from the report in Raajje (English). Open the report