State company
Maldives Transport and Contracting Company (MTCC)
In the news, last 90 days
Infrastructure
MTCC advances Ihavandhoo harbour project with arrival of sheet piles
MTCC has received the first shipment of sheet piles for the Fish Collection Centre Harbour project in Ihavandhoo, Haa Alifu Atoll, as part of ongoing design and construction works. The materials arrived at the project site as a preparatory step for marine construction, though MTCC has not disclosed when installation is expected to begin.
Infrastructure
Work commences on plastering perimeter wall of ADh. Omadhoo Police Post
MTCC has announced that construction of the new police post in ADh. Omadhoo has reached the plastering stage of its perimeter wall, with work currently underway at the site. The project aims to establish a police presence and necessary infrastructure on the island.
Economy
MTCC opens applications for public shareholder representative on board
MTCC has opened applications for a board seat representing public shareholders, with submissions due by 24 November, and said the election would be held at the AGM for the 2025 financial year. The company's board consists of seven directors, five appointed by the government and two elected by public shareholders.
Economy
MTCC invites applications for two board positions
MTCC has opened applications for two positions on its Board of Directors representing ordinary shareholders, with the application window open for just 24 hours. The company announced the vacancies on 2 Nov, inviting eligible candidates to apply in line with Capital Market Development Authority requirements and encouraging more women to apply.
Infrastructure
Concrete work begins on second-floor columns of F. Nilandhoo Police Station building
MTCC reported that concrete casting work on the second-floor columns of the new F. Nilandhoo Police Station building is underway. The project is part of the government's local-island infrastructure development efforts, with MTCC entrusted to execute the works.
Economy
MSD urges shareholders to convert paper certificates to digital shares
The Maldives Securities Depository has urged the roughly 37,770 shareholders still holding paper share certificates to convert them into electronic shares via its Infinity.mv platform. MSD CEO Noorban Fahmy said the move would modernise the capital market and protect investors' shares, while noting that registration alone does not convert certificates and that dematerialisation is a separate process.
Infrastructure
Ameenee Magu Segment 3 set to reopen this week
Segment 3 of Ameenee Magu in Malé is scheduled to reopen to traffic before the end of this week after MTCC completed repairs, asphalt paving and road marking on the stretch between Izzudheen Magu and Koarukendi Hingun. Work began on 4 October, and once the segment reopens, repairs are to move to Segment 4, from Koarukendi Hingun to Ghiyasuddin International School.
Economy
MTCC shareholders approve MVR 3 per share dividend at annual general meeting
Maldives Transport and Contracting Company (MTCC) shareholders approved an MVR 3 per share dividend for the 2025 financial year at the company's Annual General Meeting, held virtually on Thursday evening. Shareholders also approved the audited financial statements, appointed Hussain Hassanfulhu as Non-Executive Independent Director, appointed Deloitte Partners as external auditor for the 2026 financial year, and endorsed amendments to the Articles of Association.
Infrastructure
Sh. Feevah beach development project: Work halted after just five days!
The Feevah Island Council in Shaviyani Atoll has raised concern over the stalled swimming area development project, which was awarded to MTCC and inaugurated by President Muizzu in 2025. Council Vice President Ali Riza said work has been repeatedly halted and that the approach has caused significant environmental damage, with staff still reporting for minor tasks although the project vehicles have left the island.
Infrastructure
MTCC awarded road development projects in 11 islands
The Maldives Transport and Contracting Company (MTCC) has been awarded a MVR 912.15 million contract to build fully developed, tarred roads in 11 Maldivian islands. The projects are intended to improve road connectivity and ease residents' travel difficulties within their communities.
Infrastructure
Efforts underway to relocate Male' Port to Thilafushi
The relocation of Malé Commercial Port to Thilafushi has begun, with sea-based container clearance via Direct Delivery launched at a 100-meter quay wall area developed by MTCC. Food items and pharmaceuticals will continue to be cleared through Direct Delivery services in Malé and Hulhumalé, while the first phase of the port project was awarded to China Harbour Engineering Company in February 2026.
Infrastructure
MTCC awarded Baarah harbour and jetty development project
The Ministry of Housing, Land and Infrastructure has awarded Maldives Transport and Contracting Company (MTCC) a harbour and jetty development project in HA. Baarah, Haa Alifu Atoll. The project includes harbour basin and channel deepening, a quay wall, ramp, dinghy jetty, coastal protection structures, mooring buoys and navigation lighting, with a 540-day completion deadline.
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