Responsibilities and duties of GMIZ will be transferred to HDC

The government officially has decided to merge two of state owned companies; Housing Development Corporation (HDC) and Greater Male’ Industrial Zone Limited (GMIZ) engaged in the development of the Greater Male’ Area in different capacities. 

The most significant reason behind this decision is about granting the authority to develop Thilafushi, Gulhifalhu and Hulhumale’ under one umbrella, which is currently being developed separately by the companies. The government firmly believes that the merger would result in financial benefits along with the attainment of operational efficiency arising in a more uniform manner.


Photo: https://gmizl.com.mv/home/

GMIZ has announced today that the merger process has already commenced. Consequently, the Company has stated that “all the legal ownership of the assets, liabilities, personnel, existing contractual agreements and obligations of GMIZ will be transferred to HDC along with all the responsibilities of these contractual obligations of GMIZ.”

They are currently in the process arranging novation of the Company’s contractual agreements with all concerned parties. At this point of time, it has not been decided whether GMIZ will become a subsidiary company of HDC.

Prior to this, GMIZ has also revealed to the public that an undisclosed amount of its shares had already been transferred to HDC.