Business Business / energy Maldives Impact 5.0/10 2 min read

STO CEO Appointed Fenaka Chair as Utilities SOE Transitions to Subsidiary

Shimad Ibrahim, CEO of State Trading Organization (STO), has been appointed Board Chair of Fenaka Corporation as the state-owned utility transitions to an STO subsidiary by January next year. Ahmed Mazin, Minister of State for Finance, and Mohamed Nizam, STO Chief Financial Officer, were appointed as non-executive directors at Fenaka. An independent audit firm will assess Fenaka's legal and financial status and asset value. STO has committed to a recovery plan and making Fenaka profitable, as most of Fenaka's debt is owed to STO.

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Maldives Republic

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Sep 15, 2024

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📋 Story Brief

Shimad Ibrahim, CEO of State Trading Organization (STO), has been appointed Board Chair of Fenaka Corporation as the state-owned utility transitions to an STO subsidiary by January next year. Ahmed Mazin, Minister of State for Finance, and Mohamed Nizam, STO Chief Financial Officer, were appointed as non-executive directors at Fenaka. An independent audit firm will assess Fenaka's legal and financial status and asset value. STO has committed to a recovery plan and making Fenaka profitable, as most of Fenaka's debt is owed to STO.

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Focus: STO CEO Appointed Fenaka Chair as Utilities SOE Transitions to Subsidiary

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Maldives Republic

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