The State Trading Organization (STO) Board of Directors has decided to propose a dividend of MVR 80 per share on its last year's profit.

The amount is the highest amount to be distributed to shareholders in the last 17 years. The amount will be submitted to the Annual General Meeting (AGM) for approval by the shareholders.

Due to delays in certain accounts for Allied Insurance, a subsidiary of STO, the organization has extended the deadline for the publication of its annual report to 15th of this month and the deadline for holding the Annual General Meeting to 15th of next month with the permission of the Capital Market Development Authority.

The organization also held an informal meeting with shareholders earlier this month to release its annual report and brief them on preparations for the Annual General Meeting.

STO posted a revenue of MVR 16.4 billion and net profit of MVR 819 million last year.