Rainbow Construction has kicked off a bond sale at Germany’s Frankfurt Stock Exchange for USD 38.5 million, the first Maldivian company to ever do so.
This comes after the company’s plan to develop a new luxurious resort with a total of 110 villas in Gaaf Alif Atoll Kerendhoo.
Rainbow Construction’s Chairman Ibrahim Rafeeq said the project has already gained investments for initial works, and he said the bond sale amount is not the total cost of the project.
The company’s chairman said the decision was reached after failed attempts at acquiring an adequate loan amount from local financial institutions.
Furthermore, he revealed the repayment period for the bond will start in 2024.