State Trading Organisation (STO) has announced that its Managing Director Shimadh Ibrahim has been appointed as the Chairperson of Fenaka Corporation Limited. The government decided to move Fenaka under the ownership of STO, as a subsidiary company.
In a social media post, STO announced that Managing Director Shimadh has been appointed as the Chairperson of Fenaka. Meanwhile, two additional members have been appointed to the Board of Directors of Fenaka. The two members are Ahmed Mazin and Mohamed Nizam. Ahmed Mazin is the Minister of State for Finance, while Mohamed Nizam is the Chief Financial Officer (CFO) of STO.
President Dr. Mohamed Muizzu resolved to designate Fenaka as a subsidiary of STO on August 26, based on recommendations from his Cabinet. To facilitate this transition, STO will acquire 100% of the shares of Fenaka. The decision was made with an aim of enhancing the utility sector, ensuring efficient and standardised service delivery to the public. Additionally, it aims to strengthen the operations of Fenaka and empower it financially as well.
Decisions have been made to establish a committee comprising representatives from the Ministry of Finance, the Privatisation and Corporatisation Board (PCB), and STO to streamline and share information regarding the timeline of the efforts leading to the implementation of the change. The government aims to change Fenaka under the ownership of STO by year end.