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Dhiraagu holds its first virtual AGM

Dhiraagu has successfully hosted its 31st Annual General Meeting (AGM) on a virtual platform using ‘Fahivote’, an online General Meeting Management System developed by Maldives Security Depository Pvt Ltd. This is also the first time a virtual AGM has been held through ‘Fahivote’. With 68 shareholders in person and by proxy registered to attend and participate, the AGM concluded successfully by passing all the resolutions proposed.

“We are very excited to host our first virtual AGM, as it reflects our efforts to digitize the way our community lives and works. With the current situation, it has also enabled our shareholders across the country to participate at the Meeting” stated Ismail Rasheed, CEO and Managing Director of Dhiraagu.

The financial year 2019 was challenging on multiple fronts, including intense competition, increased cost of providing services and changes to key systems. Despite the multifaceted challenges, we continued to defend our market leadership position in all our key markets and product portfolio during the year.

At the meeting shareholders resolved to approve a full year dividend of MVR 12.00 per share which compromises of MVR 4.14 per share paid as interim dividend in 2019 and MVR 7.86 per share approved by the shareholders as the final dividend during the 31st AGM.

Looking at our corporate highlights from 2019, we achieved major milestones by launching the first 5G network in the Maldives and South Asia region, and became the first operator to roll-out Fibre Broadband services to 75% of the households in the country, enabling digital empowerment as part of our “Digital Raajje” initiatives. We were also the first service provider in the Maldives to launch ultra-fast speeds of up to 1Gbps, which has now been extended to 13 islands.

Our digital transformation journey continued with the introduction of state-of-the art technologies, products and services to our customers. We believe that this is a testament to our brand promise “Take on tomorrow”.

Our work is motivated by the principles of good corporate citizenship. During the year, to cultivate a startup culture and foster innovation among potential young entrepreneurs, we have continued Dhiraagu Apprentice Program and we have been organizing number of workshops and startups together with our partner Sparkhub.

Dhiraagu Maldives Road Race (DMRR) raised money for 11 partner NGOs working in the area of child protection. DMRR also received Bronze Award for the ‘Best Use of Technology’ in Sports at the prestigious Sports Industry Awards Asia 2019 (SPIA).

While the digital revolution continues to transform our everyday experiences at homes, in offices and on the go, Dhiraagu remains committed to bridge communities across the country. Additionally, as per our values and our mission, ‘to enrich lives through digital services’ - it continues to guide us as we create long term value to our shareholders.

To read our full Annual Report 2019, please click here.
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