MTCC Opens Applications for Public Shareholder Director Seat

Maldives Transport and Contracting Company (MTCC) has officially opened applications for eligible public shareholders to contest for a vacant seat representing general shareholders on its Board of Directors.

Under MTCC's Articles of Association and existing shareholding structure, the Government of Maldives—as the primary shareholder—appoints five directors, while public shareholders elect two representatives to the seven-member board. The company announced that interested and qualified individuals have until 2:00 PM on Tuesday, 24 November 2026, to submit their applications.

In alignment with the Corporate Governance Code issued by the Capital Market Development Authority (CMDA), MTCC strongly encouraged qualified women to apply and compete for the directorship position.

Applicants must be Maldivian citizens aged 30 or older and hold shares in the company. Candidates must satisfy CMDA's "Fit and Proper" criteria as well as the prerequisites for independent directors. Academically and professionally, applicants are required to possess either a bachelor’s degree in a business-related field alongside five years of practical experience, or a diploma combined with at least 10 years of experience. Candidates must also have served on the board of a public or state-owned company, or possess a minimum of 10 years of experience at a senior management level.

MTCC noted that preference will be extended to individuals with advanced education and expertise in corporate governance, business development, law, finance, and fields directly related to the company's core operations. Applicants cannot currently sit on the boards of more than two companies listed on the Maldives Stock Exchange.

Following the submission deadline, the Board's Nomination and Remuneration Committee will evaluate applicants. Details of nominated candidates will be disclosed to shareholders prior to an Extraordinary General Meeting (EGM) in 2026, where the director will be formally elected. Applications must be submitted via MTCC's shareholder online portal.