The CEO and MD of State Trading Organization (STO) Shimad Ibrahim has been appointed as the Chairman of Fenaka Corporation as work begins to merge the two companies.
The Finance Ministry, Fenaka and STO are currently working together to formulate a plan to bring Fenaka under STO from January next year.
The plan is to include representatives from STO, the Finance Ministry and the Environment Ministry on the interim board of Fenaka.
Ahmed Mazin and Mohamed Nizam have been appointed as non-executive directors of Fenaka.
Under the plan, an independent audit firm will assess the financial and legal situation, fulfil the requirements and determine the value of the assets owned by the company.
The board of STO has directed to continue to identify the financial situation of Fenaka and to work with the Finance Ministry to downsize the company and strengthen its operations.
The majority of Fenaka's debt is owed to STO Group. STO has made a plan to recover the money and has expressed commitment to work to make Fenaka a profitable company.
