business
State Trading Organization
STO decides to halt operation of several subsidiaries
The decision was announced on Thursday
Zunana Zalif, Raajje.mv | 15 މާރިޗު 2019 | ހުކުރު 08:06
STO building
State Trading Organization (STO) has announced its decision to halt the operation of several subsidiary companies under the organization.
The subsidiaries are Maldives National Oil Company Limited, STO Hotels and Resorts Private Limited which they are to dissolve completely, STO Maldives (Singapore) PTA.
The organization’s stakeholders have since been notified of the halting of their subsidiaries and the dissolvement of some.
STO is currently working on the process to halt operations of said companies, the organization revealed.
STO’s Board made the decision as said subsidiaries are not yielding “sufficient profit” to “justify” continuing their operations.
