Shimad Ibrahim, the Managing Director of the State Trading Organisation (STO), has been appointed as the new Chairman of FENAKA Corporation, a state-owned utility company. This appointment comes as part of the government’s decision to transfer FENAKA under STO’s ownership.
President Dr. Mohamed Muizzu recently announced the move, which involves STO acquiring all shares of FENAKA, effectively making it a subsidiary of the organisation. This change is part of broader reforms to streamline state-owned enterprises.
FENAKA Corporation welcomed the appointment with a congratulatory post on X, stating, “A Warm Welcome to Our New Chairman, Mr. Shimad Ibrahim. With his strong vision and commitment, we’re confident that his leadership will guide us towards greater success. Join us in welcoming him to #TeamFenaka.”
In addition to Shimad’s appointment, other new members were added to the FENAKA board. These include STO’s Chief Financial Officer (CFO) Mohamed Nizam and State Minister at the Ministry of Finance, Ahmed Mazin. The interim board will consist of representatives from the Ministry of Finance, STO, and the Ministry of Environment.
Under STO’s governance, the new board will operate according to its corporate governance code and specific rules for appointing members to subsidiary companies.
