STO to dissolve some of its subsidiary companies

Board of Directors of State Trading Organisation (STO) has decided to dissolve some of its subsidiary companies citing lack of profit.

STO revealed Maldives National Oil Company Limited and STO Hotel and Resorts Private Limited have been dissolved. STO added STO Maldives based in Singapore has been temporary shutdown. The state-owned company expressed actions are being taken against subsidiaries as they do not generate profit compared to the performance.

Further, STO revealed respective individuals have now been informed of the decision.