Managing Director of State Trading Organization (STO), Shimad Ibrahim has been appointed as the Chairman of Fenaka Corporation Limited.

This was revealed by Fenaka on social media platform ‘X’, on Sunday morning.

In it’s post, Fenaka expressed confidence that Shimad’s leadership will guide the company towards greater success, with his strong vision and commitment.

The company went on to announce that they have appointed two new board members, State Minister of Finance Ahmed Mazin and STO’s Chief Financial Officer (CFO) Mohamed Nizam.

Fenaka expressed confidence that Mazin and Nizam’s expertise and dedication will be instrumental in steering them towards new achievements and continued success.

The appointment of Shimad as Fenaka's Chairman and two additional board members comes after STO acquired 100 percent shares of Fenaka, making it a subsidiary company of STO, as decided by President Dr. Mohamed Muizzu with the recommendation of his Cabinet of Ministers.

Administrative work for the process has already begun.