Will not rely on gov't subsidies to reduce service prices: STELCO

The state power company STELCO will establish a system to reduce the price of services without relying on government subsidies, the company's Managing Director Ahmed Shareef Adam has said. Shareef made the statement while speaking at a function held to celebrate STELCO's 25th anniversary on Sunday.

The government pays a significant monthly subsidy to STELCO to reduce the price of its electricity services.

Referring to government subsidies, Shareef said the company would like to change its direction in the future by entering more businesses and generating more revenue instead of relying on government subsidies to reduce the price of services.

"We will hopefully subsidize the price by generating our own revenue. In the future, STELCO's business will be navigated in another direction, and we will hopefully find ways to subsidize our services by generating revenue from other means," Shareef said.

The MD further said he believed the price of electricity should be reduced. He noted that STELCO is already providing some services at a loss, but the losses are being covered by revenue generated by other means.

Shareef further assured that STELCO would not charge any customer for services that the company had not provided. He said the company is working to increase revenue by changing its operations and entering new businesses. The new ventures would be successful with the combined efforts of the company's management and staff, he said.

Shareef added that STELCO needs to earn more trust from the people. He assured that he would do what was necessary to build public confidence in the company.