RCC Opens MVR 120 Million Bond for 'Blue Marina View' Project

Rashid Carpentry & Construction (RCC) has opened a sale for a Maldivian Rufiyaa 120 million bond to raise funds for its 'Blue Marina View' project being developed in the second phase of Hulhumalé. The bond will be sold through the 'Viyaana' portal of the Maldives Stock Exchange (MSE) via a private placement process. The opportunity to purchase this bond is open to investors who receive an invitation from the company. Arrangements are now in place for eligible investors to apply for the bond and make payments through the 'Viyaana' portal. The lead arranger and principal advisor for the issuance of this bond is Dhivehi Investment Partner (DIP), an investment management and advisory company licensed by the Capital Market Development Authority (CMDA). DIP is a company that manages investments, raises capital, provides financial advice, and offers brokerage services in the country's capital market. This is a five-year bond with an interest rate of 8.5% per annum. Interest payments are scheduled to be made twice a year. The price of one bond is MVR 1,000, with a minimum purchase amount of MVR 10,000 (10 bonds). Investments can be increased in increments of MVR 1,000. This is a bond structured on an amortizing basis, where the principal is repaid during the bond's term. The funds raised from selling this bond are earmarked for the development of 'Blue Marina View', a 17-story luxury residential tower under construction in the second phase of Hulhumalé. The building features a modern design with easy living spaces and dedicated areas for business purposes, a secure entrance lobby, security system, three elevators, and bicycle parking. An infinity swimming pool, children's pool, gym, multipurpose hall, and kids' club will also be present in this building. RCC, with over 40 years of experience in the country's construction sector, is a company that has successfully completed many notable projects and continues to contribute significantly to the nation's infrastructure development.