Maldives' largest seaplane operator, Trans Maldivian Airways (TMA) has noted that they wish to continue the agreed written contract with MACL and that a breach of said contract will upset investors coming to the Maldives.

The issue of renting said seaplane terminal which is being developed by MACL for $26 million escalated after it was revealed that MACL and TMA had come to an agreement to rent the space for a cheaper price and that the government would act in accordance to said agreement.

Amidst the criticism, the government had publicised a set of regulations which will be imposed during the process of renting terminal space. As such, the government decided to give an equal space as the existing one to TMA and Manta Air for a period of two years, for the same price threshold. In addition to this, they had decided to provide extra space at the market rate.

However, a statement by TMA noted that MACL had agreed to provide 31,000sqft to TMA as per a letter sent to TMA on December 10, 2017. As per this agreement, a fixed rent of USD 10.35 was set per square meter and a USD 5 per passenger as a variable was set. A week later, on December 17th TMA had sold their majority share to Bain Capital for USD 500 million.

TMA noted that the agreement with MACL was one of the driving factors of their majority shares sale to Bain Capital. As such, Bain Capital was able to rest assured on business expansion opportunities as well as clear cost and expenditure of the company.

However, CEO of the company MUM Fauzy said during the Public Finance Committee yesterday that MACL had agreed to provide 19,000sqft for 15 years at a rate of USD 10.35 per sqft. Hence, he requested to make this possible.