FAQs - Investor Relations

FAQs

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Share Information
When and how can I get a share certificate?
Our IPO was done in an electronic format (demat). You can request a paper share certificate from the Maldives Securities Depository (MSD), which will then inform us to issue it. Note that you cannot have both paper and electronic shares simultaneously. We recommend maintaining electronic shares for ease of trading.

How can I buy or sell Dhiraagu shares?
You can trade Dhiraagu shares through licensed stockbrokers of the Maldives Stock Exchange. You need a MSD account to trade shares. Check here for trading fees.

How can I find the market value of my Dhiraagu shares?
Multiply the current share price by the number of shares you hold. Check the share price page at www.mse.com.mv.

Why haven’t I received my allotment letter?
Allotment letter which was posted to the address provided during the IPO in 2012. If you have not received your, please contact us at 3311121/3311435 or email [email protected]. Provide your identification details to expedite the process.

How do I find out how many Dhiraagu shares I hold?
Contact us at 3311121/3311435 or email [email protected]. Alternatively, check your MSD account statement.

Can I reinvest my dividend to buy more shares in Dhiraagu?
We do not have a reinvestment program. To buy more shares, contact a licensed stockbroker or Maldives Stock Exchange.

How do I open a MSD Account?
Contact MSD on 3307878 or visit msd.com.mv to download the forms.

What should I do in the event of a shareholder’s death?
Promptly notify both MSD and Dhiraagu. Submit relevant documents to MSD to transfer the shares to the beneficiaries. For details, contact MSD at 3307878.
Financial Results & Dividend Information
When does Dhiraagu’s financial year end?
Our financial year ends on 31 December.

Where can I find information on Dhiraagu’s financial results?
Check our quarterly and annual reports at our Financial Report page.

How can I get a Dhiraagu Annual Report?
You can download it from our Financial Report page.

When is dividend declared?
Dhiraagu pays dividends* in two parts:

• Interim Dividend: Declared after the second quarter results, usually announced in July/August.
• Final Dividend: Proposed with the annual results and approved at the Annual General Meeting (AGM).

* All dividend payments require shareholder approval at the AGM, and a standing resolution at each AGM gives directors the authority to declare an interim dividend for the current year.

When will the dividends be paid?
Interim dividends are paid in the second half of the year, and final dividends are paid in the first half of the following year. You must hold shares on the book closure date to receive a dividend. If you sell your shares before this date, you will not receive a dividend. The book closure date is announced each year in a public announcement when dividends are declared.

How are dividends paid and taxed?
Dividends are paid in Maldivian Rufiyaa (MVR), except for major foreign shareholders who are paid in United States Dollars. Dividend payments are deposited to the bank accounts registered with Dhiraagu. A 10% withholding tax is deducted from dividends paid to non-resident shareholders, as per the Income Tax Act. * Shareholders are encouraged to declare their tax residency status by:

• Updating their residency status online through their infinity account in Maldives Security Depository (MSD); (log into infinity.mv, go to profile tab and select contact information page and update the residency status as applicable); or
• Submitting a completed “Shareholder Information Form” which is also available here, to Dhiraagu Head Office, addressed to Investor Relations or via email to [email protected].

* Section 55(a)(4) of the Income Tax Act (Law No. 25/2019), which came into effect on 01 January 2020, requires the Company to deduct 10% from any dividends paid to “Non-Resident” shareholders as defined in the Act. Section 55(c)(1) of the Act further states that if at the time of dividend payment it cannot be determined whether or not the shareholder who receives the payment is resident in the Maldives (as defined in the Act), it shall be deemed that the shareholder is not a resident in the Maldives; and requires the Company to deduct a non-resident withholding tax of 10% from any dividend paid to such shareholders.

Accordingly, in order to determine whether or not, a shareholder is resident in the Maldives as defined in the Act before paying out the interim dividend 2020, all shareholders are required to update their residency status as determined under Section 79(kk), 79(II) and 79(mm) of the Act by by;

• Updating their residency status online through their infinity account in Maldives Security Depository (MSD); (log into infinity.mv, go to profile tab and select contact information page and update the residency status as applicable); or
• Submitting a completed “Shareholder Information Form” which is also available here, to Dhiraagu Head Office, addressed to Investor Relations or via email to [email protected].

Any dividends paid to shareholders will be calculated based on the declarations made by the shareholders on their tax residency status in accordance with the requirements as set out above. If any shareholder fails to declare their tax residency before the deadline of 14 December 2020 and in accordance with the requirements set out above, Dhiraagu will deduct 10% of the dividend payable to the shareholder and such amounts will be paid to Maldives Inland Revenue Authority (MIRA) as required by the Income Tax Act.

Where can I find information about dividend payments in previous years?
Visit our Dividend page for details on previous years’ dividend payments.

How can I change my bank details related to dividend payments?
Update your information online through your Infinity account with Maldives Security Depository (MSD) by logging into infinity.mv. Alternatively, you can email a completed “Shareholder Information Form” to [email protected].

When is the book closure date for the Dhiraagu shares?
The book closure date is announced each year in a public announcement when dividends are declared. You must be on the share register at the close of the book closure date to be eligible for dividends or to participate in the AGM.
Annual General Meeting
What is the Annual General Meeting (AGM)?
The AGM is a yearly meeting held where shareholders approve the previous AGM’s minutes, directors’ report, audited financial statements and the final dividend for the previous year. Shareholders also vote on other resolutions and elect the public director. For details visit our AGM page.

When and where will the next Annual General Meeting be held?
The AGM is held within five (5) months after the financial year ends (31 December). The Notice of the meeting will be published on our AGM page.

Who can attend the Annual General Meeting?
Shareholders on the register as at the book closure date can attend the AGM. The book closure dates are announced in the AGM Notice.

How do I find out what happened at the AGM?
Visit our AGM page for minutes of the meeting, annual report presented, and key resolutions.
Non-resident Withholding Tax
What is Non-resident Withholding Tax
A 10% tax on dividends paid to non-residents, per the Income Tax Act (Law Number 25/2019.*

*Non-resident Withholding Tax is imposed under the Income Tax Act (Law Number 25/2019) effective from 1 January 2020. It is applicable on certain payments, including dividend payments, made to persons who are not resident in the Maldives (nonresidents).

Why is Dhiraagu collecting information about my tax residency status?
To determine if dividends paid to you are subject to the 10% non-resident withholding tax.*

*Dividends paid to non-residents are subject to Non-resident Withholding Tax at 10% under Section 55(a)(4) of the Income Tax Act. Furthermore, Section 55(c)(1) of the Act requires Dhiraagu to deduct the tax if, at the time of payment of the dividend, it cannot be determined that the shareholder is a tax resident of the Maldives. As such, Dhiraagu will or will not withhold tax on the dividends paid to you, based on the declaration you make on your tax residency status.

How is tax residency determined?
You are a tax resident if you:

• Have a permanent abode in the Maldives.
• Are present or intend to be present in the Maldives for 183 days or more in a 12-month period.
• Are an employee or official of the Maldives government posted overseas.*

*Rules for determining tax residency are stated in Section 79(kk) of the Income Tax Act. You will be considered a tax resident based on the following:

An individual:

• whose permanent place of abode is in the Maldives; or
• who is present in the Maldives or intends to be present in the Maldives for an aggregate of 183 days or more in any 12-month period commencing or ending during a tax year; or
• who is an employee or official of the Government of the Maldives and is posted overseas during a tax year;

A company:

• that is incorporated in the Maldives; or
• that has its head office in the Maldives; or
• that has its control and management in the Maldives.

A partnership:

• that is formed in the Maldives; or
• that has its control and management in the Maldives.

A trust:

• that is formed or settled in the Maldives; or
• A heritage trust of a deceased person who was resident in the Maldives; or
• A trust that was operated in the Maldives at a point in time during a tax year.

What should I do if my tax residency status changes?
Please update us immediately by submitting an updated Shareholder Information Form. It is your responsibility to ensure the information that we have on you is correct and up to date.

What happens if I do not update my information?
We will withhold 10% of your dividend as non-resident withholding tax and pay it to MIRA if you do not update your residency status.

How can I claim benefits under Double Tax Avoidance Agreements (DTAAs)?
Submit a declaration and a valid residency certificate if you are eligible for benefits under a DTAA with the Maldives.
Shareholder Communication
Who should I contact for investor relations queries and concerns?
You can reach us at 3311121/3311435 or email to [email protected].

Where can I find the company’s disclosures and announcements made for shareholders?
Visit our Announcements and Disclosures page for the latest updates.

How do I update my shareholder information online?
You can update your information online through your Infinity account with Maldives Security Depository (MSD) by logging into infinity.mv. Alternatively, you can email a completed “Shareholder Information Form” to [email protected].

How can I change my current address?
Update your address online via your Infinity account with Maldives Security Depository (MSD) by logging into infinity.mv, or submit a completed “Shareholder Information Form” to Dhiraagu Head Office addressed to Investor Relations or via email to [email protected]
General Questions
Who are the shareholders of Dhiraagu?
Dhiraagu is now majority owned by BTC Islands Limited (Beyon) with 52% of shares, the Government of the Maldives holds a 41.8%, and the remaining 6.2% of shares are held by the public.

Where is the Company’s registered office?
Dhiraagu Head Office, Ameenee Magu, P.O. Box 2082, 20403 Male'.

Who is on Dhiraagu Board of Directors?
Visit our Board of Directors page for the latest information.