MTDC Denies Plans to Sell Island Lease Rights Below Market Value

The Maldives Tourism Development Corporation (MTDC) has officially denied reports suggesting the company intends to sell or transfer its head lease rights for islands earmarked for resort development. Under current government lease agreements, MTDC holds the head lease rights for three specific islands: Naagoashi in Haa Dhaalu Atoll, Maguddhuvaa in Gaafu Dhaalu Atoll, and Kihavahhuravalhi in Baa Atoll. The corporation clarified that no discussions or decisions have been made regarding the sale of these rights, affirming that it retains full ownership of the leaseholds. In a statement addressing the rumors, MTDC emphasized that it has no plans to diminish, transfer, or restrict its ownership interests through any transaction, whether directly or indirectly. The company further assured its shareholders that there are currently no ongoing negotiations with any third party to sell or relinquish its rights over these three strategic assets. Responding to allegations that assets were being offloaded at prices below market value, the corporation dismissed the claims as entirely false. MTDC reiterated its commitment to transparency, stating that any future transactions will be publicly disclosed in strict accordance with applicable laws, government regulations, and stock exchange listing rules. This clarification comes as the corporation seeks to maintain investor confidence and stabilize the perceived value of its tourism portfolio amidst circulating speculation.