STO and FENAKA acquisition discontinued

State Trading Company (STO) has discontinued efforts to acquire State Electric Company (STELCO) to make it a subsidiary of STO.

STO said the decision was made in compliance with an order from the Finance Ministry, received on 24th November. The company said that the decision, which was finalised in a board meeting held today, also referred to the progress of the tasks included in the acquisition proposal submitted to the government previously.