The State Trading Organization (STO)'s Managing Director Shimad Ibrahim has been appointed as the Chairman of the FENAKA Corporation.
President Dr. Mohamed Muizzu's government first appointed STO's former Managing Director Ahmed Shaheer as FENAKA's Chairman. However, on August 11, the Privatization Board removed Shaheer from the position. While Shimad has now taken over as FENAKA's Chairman, his appointment coincides with ongoing efforts to integrate FENAKA as a subsidiary of STO.
Meanwhile, Mohamed Mazin and Mohamed Nizam have also been appointed to FENAKA's Board of Directors.
