Silver company Pvt Ltd was introduces in 1993 by Mr.Bari Rushdhi a prominent entrepreneur in Maldivian shipping industry. Since 1993, Silver Company has been privilege in handling several shipping lines, fright forwards and logistic companies in the world. Company has one office in Male’ and two branch office in India and Thailand. Around thirty employees work in the company. In company there are two boards of directors, they are Mr.Mohamed Nabeel and Mr. Imran Rushdhy. The company Managing Director is Mr. Mohamed Nabeel and he is also the chairman of the Company. In the company they do not have an audit committee but they have a company secretary.
Procedure for Silver company becoming public company
In the company act it states that a public company can be registered if the persons forming the company consent to buy share of at least 1 million Maldivian rufiyaa in value and pay that amount to the company and submit the evidence of payment to the register. (Ministry of Economic Develepment, 2011) According to company act of Maldives if a private company wants to become public company, company should pass a special resolution from the board of directors. When the special resolution is passed board should agree to alter company memorandum and article of association. In the alteration of article there should not have any restriction for issuing shares. To become public limited company there are documents Silver Company have to submit with the application to the registrar, they are : -
Special resolution passed by the board to become public limited company. -
Special resolution passed from the board to alter memorandum and article of association. -
The memorandum and articles of association of the company after conveying them into compliance with the memorandum and articles of association of a public company as agreed in this Act. -
The prospectus. ( public offering letter) (Ministry of Economic Develepment, 2011)
Silver company has to change their company name. Now the company name is Silver company Pvt Ltd but company name has to change Silver company Plc.
To list in the stock exchange Silver Company has to follow Maldivian stock exchange listing procedures. -
The company is encouraged to obtain assist of licensed dealing companies for support involving in listing. (Maldives Stock Exchange, 2013) -
Silver company has to alter Company Memorandum and Articles of Association accordance with the Maldives Stock Exchange listing rule and CMDA codes. Company memorandum and article should tally with the listing rules and CG codes. (Maldives Stock Exchange, 2013) -
It is necessary for silver company to issue a prospectus in fulfillment with the Companies Act and the rules in the Companies Act and the Listing Rules of Maldives stock exchange (Maldives Stock Exchange, 2013) -
The company will have to submit an application for initial listing with the requisite documents Specified in the Listing Rules of Maldives stock exchange (include Certificate of Incorporation & Certificate to commence business if they have, Memorandum and Articles of Association, a copy of the signed agreement with Maldives Securities Depository for demat trading, etc), with the prospectus to Maldives stock exchange & CMDA for evaluate and authorization. (Maldives Stock Exchange, 2013) -
After company gets the approval from Maldives stock exchange and CMDA Company have to send it to registrar for their approval. (Maldives Stock Exchange, 2013) -
The Silver company has to make its prospectus and application forms public at least 14 market days ahead of the date of opening of the subscription list. In the occurrence of an over-subscription, the company shall allot the shares in unity with the policy defined in the prospectus. (Maldives Stock Exchange, 2013) -
Direct announcements must be prepared to the MSE of information that could have a material effect on the price of the listed security. Examples of such information would include:...
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