Hussain Sham Adam, State Minister at the Ministry of Finance and Planning, has been appointed as the new Chairman of Fenaka Corporation.

Previously, the position was held by Shimaad Ibrahim, the Managing Director of State Trading Organization (STO). The Privatization and Corporatization Board of Maldives (PCB) has not disclosed whether Shimaad was dismissed or resigned.

Taking to social media platform ‘X’, Fenaka expressed heartfelt gratitude for the exemplary model, vision, and leadership Shimaad demonstrated during his tenure with the company.

After assuming power, the current administration first appointed Sham as the State Minister at the Ministry of Finance and Planning. According to the President's Office website, he still holds that position.

Previously, while serving as a Director at Fenaka, Sham also held the position of Deputy Minister of Finance in 2016 during former President Abdulla Yameen Abdul Gayoom's administration. Before that, he also held a senior position at the Maldives Islamic Bank (MIB).

Fenaka announced on ‘X’ that Sham’s appointment marks another step forward for the company.