1. Introduction

Male’ Water & Sewerage Company Pvt Ltd (MWSC) invites interested and qualified vendors to submit proposals for the “Engagement of an Independent Valuator to Conduct Share Valuation of MWSC”. MWSC intends to engage a qualified and independent consulting firm to conduct an equity valuation of the Company and establish the indicative fair market value of its share.

Interested vendors are requested to review the Scope of Work, Eligibility Criteria & Requirements, and to follow the schedule below to complete the registration process and proposal submission process.

2. Scope of Work

The Consultant shall undertake, at a minimum, the following activities:

2.1  Corporate and Business Review

• Review MWSC's legal and corporate structure.
• Review shareholder structure and any shareholder agreements relevant to valuation.
• Review Board-approved business plans and strategic plans.
• Review historical operational and financial performance.
• Review key risks, regulatory obligations and market conditions relevant to a State-owned utility.

2.2  Financial Analysis

• Review audited financial statements for at least the previous five financial years.
• Review management accounts and current-year financial performance.
• Review capital expenditure plans.
• Review financing arrangements and debt obligations.
• Assess working capital requirements.
• Review asset registers and major infrastructure assets.
• Assess contingent liabilities, commitments and guarantees.

2.3  Industry and Market Assessment

• Analyze the Maldives utility sectors.
• Assess market conditions and economic factors impacting MWSC.
• Review regulatory frameworks and tariff structures applicable to MWSC.
• Benchmark MWSC against comparable utility and/or industrial companies where appropriate.

2.4  Valuation

The Consultant shall determine the fair value of MWSC using appropriate valuation approaches, including but not limited to:

 The Consultant shall:

• Justify the methodologies applied and reconcile results where methods produce differing outcomes.
• Explain all assumptions used.
• Determine Enterprise Value, Equity Value and Value per Share.
• Where relevant, distinguish between Fair Market Value, Minority Shareholding Value and Controlling Shareholding Value and present a valuation range (Low, Base, High cases).

 2.5  Sensitivity Analysis

The valuation shall include a sensitivity analysis reflecting the key drivers and uncertainties relevant to MWSC's business, including revenue assumptions, tariff changes, demand growth, capital investment requirements, discount rates, inflation assumptions, foreign exchange risk and financing costs. The Consultant shall demonstrate how the valuation outcome would shift under reasonable variations in these assumptions.

3. Eligibility Criteria & Requirements

Interested and qualified vendors wishing to undertake this project shall meet the following requirements and submit the relevant supporting documents:

• The vendor shall furnish a bid security in the amount of MVR 5,000/-

• Business Registration Certificate at Economic Ministry
• GST Registration Certificate (if registered)
• Company Business Information Sheet (Economic Ministry), Generated within 1 month from the Bid submission deadline 
• Professional certifications and CVs of proposed personnel
• References from similar assignments
• Latest audited financial statements

Technical Proposal

• Understanding of the assignment
• Methodology and approach
• Work plan and timeline
• Team composition
• List of completed valuation assignments

Financial Proposal

• Professional fees, inclusive of all applicable taxes
• Breakdown of costs by deliverable/phase

3.1 Required Expertise and Qualifications

Firm Requirements

 Key Personnel

 Functional Competencies

• Strong financial modelling capabilities.
• Knowledge of International Valuation Standards (IVS).
• Knowledge of IFRS and corporate finance practices.
• Ability to work independently with limited instruction and supervision.
• Ability to provide independent and objective professional opinions.

 4.  Evaluation Criteria

5. Registration Process

Interested vendors are required to register for the tender through the link Bidder Registration between 08^th September 2026 and 14^th September 2026. Further information and a soft copy of the tender documents will be shared with the registered vendors on 15^th September 2026.

6. Tender Schedule

 For more information, please contact Contracting Department at (+960) 332-3209, 763-1293, 779-1938.

Tender Department

Male Water & Sewerage Company Pvt. Ltd.