Housing Development Finance Corporation PLC has held its 20th AGM on the 26th May 2024. During the AGM, the Financial Statements of the year ended in 2023 was approved by the shareholders. The shareholders also appointed KPMG as the external Auditor and EY as the Internal Auditor for the year 2024.

The shareholders approved a final dividend of MVR 2.20 per share, which is 39.75% of the net profit of FY 2023. Arrangement of distribution of shares will commence from 27 May 2024, from HDFC’s office.

Year 2023’s Annual Report can be viewed from the company’s website (or use the link below).

Housing Development Finance Corporation (HDFC), which provides loans for construction and renovation of houses, is all set to launch an Initial Public Offering (IPO).

HDFC made the announcement at its 19th Annual General Meeting held in Meerumaa Hall on Monday.

HDFC chairman Conrad D’Souza said the IP will be launched in the next three months.

“The board of directors has approved the sale of 30% of the company’s shares as offer-for-sale to the public in the IPO,” he said.

HDFC’s current shareholding: 

• Institutional investors including International Finance Corporation (IFC), Asian Development Bank (ADB) and India’s HDFC investments – 51%
• Maldivian government – 49%

Conrad said the IPO would only include shares held by the institutional investors.

HDFC’s post-IP shareholding:

• Government – 49%
• Public – 30%
• Existing institutional investors – 21%

Pointing out that HDFC could be converted into a successful company based on the experience of those who were institutional shareholders, Conrad said that when the company was first privatised in 2008, it was agreed to give up the shares after five years.

However, with the company’s growth, the confidence of foreign investors received a boost, and with institutional investors still holding after the IPO, technical support will continue in the future, he added.

As HDFC prepares to sell shares to the public, Conrad has shared a few details about the same. However, since the board is yet to decide, he shared some suggestions.

• IPO to open for subscription in next three months
• Shares to be priced at MVR 50-55 per share
• Lot size of about 30 shares

HDFC’s 2022 financial highlights

• Total revenue – MVR 225 million
• Housing Portfolio – MVR 1.69 billion
• Total profit – MVR 108 million (6% higher than the MVR 102 million profit in 2021)
• Dividend of MVR 27 (In 2021, it was MVR 25)