| Share Holder | % | # | Paper Companies of the Government of Maldives |
| Government of Maldives | 100% | 1 | Hulhumale Integrated Economic Zone Limited |
| Government of Maldives | 100% | 2 | Hanimaadhoo Airport Company Limited |
| Government of Maldives | 100% | 3 | Felivaru Port Limited |
| Government of Maldives | 100% | 4 | Maldives Industrial Agriculture Company Limited |
| Kulhudhuffushi Island Council | 49% | 5 | Kulhudhuffushi Development Corporation |
| Government of Maldives | 51% | Kulhudhuffushi Development Corporation | |
| Thinadhoo Island Council | 49% | 6 | Thinadhoo Development Corporation |
| Government of Maldives | 51% | Thinadhoo Development Corporation | |
| Fuvahmulaku Island Council | 49% | 7 | Fuvahmulaku Development Corporation |
| Government of Maldives | 51% | Fuvahmulaku Development Corporation | |
| Government of Maldives | 100% | 8 | Kadedhdhoo Airport Company Limited |
| Government of Maldives | 100% | 9 | Maldives Green Fund |
"Paper Company" refers to any company that has no operations, but has a proper constitution, fully formed legal documents, little to zero assets and is registered.
