STO to shut down businesses, says nearly all function at loss
Managing Director Husen Amru spoke to RaajjeTV on Monday
STO\'s supermarket in capital city Malé
The State Trading Organisation (STO) has been mismanaged in the past and this may cause it to shut down some of its businesses, managing director Husen Amru has said.
Amru told RaajjeTV on Monday that except for fuel trade, STO conducts all its businesses at a loss.
The managing director also said that some of their businesses are to be closed in order to allow space for private-sector businesses.
As such, the ‘STO Home Electronics’ store in capital city Malé was shut down because the market is saturated and the company did not wish to hinder local businesses.
Amru said on Monday that the company will keep the STO supermarket, one of the biggest in the capital, open despite the shut downs.
