Government decides to dissolve Fenaka Corporation and RDC, merging their operations into STELCO and MTCC, respectively
7 ސެޕްޓެމްބަރު 2026 | ހޯމަ 08:38President Muizzu has announced that STELCO will become the sole provider of electricity services across the entire Maldives, effectively bringing all operations currently managed by FENAKA under STELCO's jurisdiction.
President Dr. Mohamed Muizzu speaking to press. | President's Office
President Dr. Mohamed Muizzu has announced the government's decision to dissolve Fenaka Corporation Limited and merge its operations with the State Electric Company Limited (STELCO).
President Muizzu made the announcement during a press conference held at the President's Office on Monday afternoon. The President stated that the decision was reached following extensive deliberations within the Cabinet and after consulting with technical experts in the field.
President Muizzu announced that following this decision, STELCO will become the sole provider of electricity services across the entire Maldives. He further stated that all operations currently managed by Fenaka will be transferred under the mandate of STELCO.
Furthermore, President Muizzu announced the decision to dissolve the Road Development Corporation (RDC) and merge its operations with the Maldives Transport and Contracting Company (MTCC). Noting that RDC’s primary mandate is road construction, the President stated that MTCC will take over these responsibilities moving forward. He also highlighted that this move would result in an increase in the government’s shareholding within MTCC.
President Muizzu stated that this decision aims to transform state-owned enterprises into efficient operations with leaner workforces. He further noted that once this process is complete, these companies will retain only the essential number of employees required for their operations.
The government's decision to dissolve Fenaka and RDC comes amid ongoing efforts to rightsize state-owned enterprises. In recent months, several government companies, including Fenaka and RDC, have already undergone significant workforce reductions, with a large number of employees being dismissed from their positions.
Despite the decision to dissolve Fenaka Corporation and the Road Development Corporation (RDC), the government has awarded numerous projects to these companies over the past period. Specifically, Fenaka has been contracted to construct mosques in several islands, while RDC has been tasked with various infrastructure projects, including the construction of school buildings across many islands.
