President Muizzu Announces Plans to Secure Controlling Stake in Dhiraagu and Full Ownership of MWSC

In a major economic policy shift aimed at restoring state control over critical infrastructure and utility sectors, President Dr Mohamed Muizzu has announced that the Cabinet has decided to secure a majority stake in telecom operator Dhiraagu and acquire 100 percent ownership of the Male' Water and Sewerage Company (MWSC).

Speaking at a press conference held at the President’s Office, President Muizzu revealed that formal efforts are already underway to repurchase equity previously divested to foreign partners, describing the initiative as a crucial step toward protecting public assets and revitalising the national economy.

Under the cabinet's directive, the government intends to increase its holding in Dhiraagu, the nation’s primary telecommunications provider, from its current 41.8 percent to a controlling 51 percent majority. At present, Bahrain-based Batelco holds a majority stake of 52 percent, while the general public retains 6.2 percent.

As you know, while the government held a majority stake in Dhiraagu, those shares were sold during the first MDP administration. It is a very valuable public asset. We believe that increasing the government's stake in Dhiraagu to 51 percent is essential for the benefit and well-being of the public, for expanding the Maldivian economy, and for moving the economy forward,” the President explained.

In tandem with the Dhiraagu acquisition, the administration is moving to buy back the 20 percent stake in MWSC currently held by Japan’s Hitachi Corporation, transforming the utility provider into a fully state-owned entity. The foreign-held shares in both companies were originally divested during the first Maldivian Democratic Party (MDP) administration under former President Mohamed Nasheed.

Work has now commenced to repurchase the 20 percent stake sold to a foreign company and transform MWSC into a 100 percent government-owned enterprise, the President added.

According to President Muizzu, comprehensive details regarding the financial frameworks, valuation, and timelines for acquiring the shares will be released by the Ministry of Finance and Public Enterprises and relevant regulatory authorities in the coming days.