The State Trading Organization (STO) has decided not to proceed with the establishment of a flour factory in the Maldives.
The project, initiated by the government of former President Ibrahim Mohamed Solih, included plans to construct the factory in HDh. Kulhudhuffushi. The previous administration had intended to import raw barley to the Maldives and produce various types of flour in the factory. It was also decided to pack various types of flour in the factory to meet the requirements of food manufacturers, traders and the public.
Answering a question by a shareholder at STO’s annual general meeting held Friday, STO’s Managing Director Shimad Ibrahim said a later feasibility study indicated that the venture would not be profitable. Therefore, the company’s board has decided to abandon the project, he said.
STO’s Managing Director Shimad Ibrahim speaking at the company’s annual general meeting
