MALE, Mar 18 (HNS) - Male Municipality has said that a 100 percent government owned company is to be established to run Kaafu atoll Thilafushi island for business.

Thilafushi island is an industrial zone.

Municipality’s President Ali Hussain Didi (Alidi) said Thursday that the preparations for running Thilafushi for business had been started since 2004.

He said that some financial statements had been made by an auditory firm in accordance with international standards as part of the preparation for the establishment of the company.

“We are trying to establish the company as soon as possible,” he said.

He said that the company regulations are almost finished.

He said that the company will be formed in connection with Finance Ministry.

Land measuring more than 1.2 million square-feet had been leased to more than 50 parties for economic purposes. The government gets more than Rf 14 million as rent each year from those land plots.