On 7th February 2008, the Company’s Share Capital was increased to 321,250,000/- divided into 321,250 shares of Rufiyaa 100. Issued and Paid- Up Capital is Rufiyaa 1,000,900 divided into 10,009 shares of Rufiyaa 100 each.

Social Housing Scheme Funded by the Government

Acceptable standard of housing is not affordable for low-income earners unless affordable home loans under “Social Housing” is made available. With the sharp in-migration due to tsunami, general population increased in many large islands, which included the capital Male'. There was severe pressure placed on housing. At the same time the real number of dwellings for social housing has increased, and the average cost in the market to construct and the rental rates increased by more than 40 percent within the past 4 years. In response to the urgent demand, the Government provided a budget of 70 Million Rufiyaa to build homes for those who are in need. Two Schemes were introduced in April 2008. Total applications received were 758 amounting to Rf. 157, 861,384. while 332 were approved amounting to Rf. 66, 051, 153.

Human Resources Management and Training

HDFC has taken all effort to enhance productivity, reduce employee turn over, and help the organization to increase performance and business bottom-line. As a result the Company took a number of initiatives to strengthen human resources management during the year. In-house training programs were launched during the year to improve staff skills. In addition, the Company also continued to sponsor its employees for various programs. In January 2008 the salary structure was revised. New benefits, such as provident fund, health insurance were introduced in addition to a staff loan scheme. The workforce in the beginning of 2008 was 13 and by the end of the year the number stood at 16. The company’s policy is one of equal opportunity in selection, training and career development and promotion of employees regardless of gender, bearing in mind the respective aptitudes and abilities of the applicant concerned. Consultation with staff or their heads of department has continued at all levels with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests and that all members of staff are aware of the financial and economic performance of the company as a whole. Communications with all staff continues though the company’s intra net and daily divisional morning meetings, and monthly all staff meetings.