Chairman of State Trading Organization Shimadh Ibrahim has been announced as the new Chairperson of Fenaka Corporation.
Chairman of State Trading Organization Shimadh Ibrahim has been announced as the new Chairperson of Fenaka Corporation.
Efforts are also ongoing to transfer Fenaka Corporation to a subsidiary company of State Trading Organization (STO).
Privatization and Corporatization Board (PCB) also appointed two additional members to the board of directors of Fenaka. These are STO's Chief Financial Officer Mohamed Nizam and Finance Ministry's State Minister Ahmed Mazin.
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
Until STO is transferred under STO, an interim board will be overseeing the company. This interim board is made up of directors from STO, Finance Ministry and Environment Ministry.
Once it is transferred under STO, expected to be in January 2025, the Board of Directors will be appointed under STO's Governance Code and policy on appointing members to subsidiary companies.
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