Medtech Diagnostics Pvt Ltd Sukuk successfully closed.
Medtech Diagnostics Pvt Ltd’s debut Sukuk listed on VIYANA platform was successfully closed with MVR 20 million. The issue was strongly supported by an increasing number of investors registered on VIYANA which stands at 237. The 7-year Sukuk was opened for subscription on the 19th April 2023 and was closed on 18th May 2023.
Medtech Diagnostics is one of the leading distributors of medical equipment, machineries and consumables to the healthcare system of Maldives.
This Sukuk issuance marks a milestone in the history of Islamic Capital Market of Maldives making it as the first Shari’ah Compliant issuance by a private company through VIYANA platform for private securities.
First National Finance Corporation Pvt Ltd was the Lead arranger for this issuance.
On success of the Sukuk issue, the CEO of First National thanked the foresight of the founders of Medtech Diagnostics and the regulators as well as Maldives Stock Exchange. “I am humbled by the overwhelming response from the market for Shari’ah compliant and good quality products from well governed private companies. We will continue our work to introduce more investment products in the Capital Market of Maldives in the future to provide diverse range of investment opportunities to the domestic market.”
First National Finance Corporation operates in the capital market space providing lead manager services, structuring, and arranging finances and in providing investment solutions, fund management and private wealth planning.