Shimadh Ibrahim, the Chairman of State Trading Organization (STO), has been appointed as the new Chairperson of Fenaka Corporation. The announcement comes as part of broader efforts to restructure Fenaka, with ongoing plans to transfer the utility provider to become a subsidiary of STO.
Introducing our new board members: Mr. Ahmed Mazin & Mr. Mohamed Nizam!
— Fenaka Corporation Ltd (@TeamFenaka) September 15, 2024
We're excited to welcome Mr. Mazin and Mr. Nizam to our Board of Directors. Their expertise and dedication will be instrumental in driving our corporation forward. Together, we look ahead to new achievements… pic.twitter.com/1A5tL2kFBB
In a statement, the Privatization and Corporatization Board (PCB) also revealed the appointment of two new members to Fenaka’s Board of Directors. Mohamed Nizam, Chief Financial Officer of STO, and Ahmed Mazin, State Minister at the Ministry of Finance, have both been named as directors, reinforcing the integration of Fenaka within the STO framework.
For the time being, an interim board comprising officials from STO, the Ministry of Finance, and the Ministry of Environment will oversee Fenaka's operations. This interim management will continue until the full transfer of Fenaka under STO, expected by January 2025. Once completed, the Board of Directors for Fenaka will be appointed in accordance with STO's Governance Code and its policies for managing subsidiary companies.
This move is part of the government's broader agenda to streamline and enhance the efficiency of state-owned enterprises. By bringing Fenaka under the purview of STO, the authorities aim to improve operational coherence and strengthen the governance of the nation's utility services.
