State Minister of Finance Hussain Sham Adam has been appointed Chairperson of Fenaka Corporation.
The Privatisation and Corporatisation Board (PCB) said he was appointed as Chairperson and member of the Board of Directors.
Sham, who previously served as a board member of Fenaka, was the Deputy Minister of Finance during the government of former President Abdulla Yameen.
Former Fenaka Chairperson was Managing Director of State Trading Organization (STO) Shimad Ibrahim. He announced his resignation from Fenaka on Tuesday.
Shimad was appointed as the Chairperson in September last year as part of the process of transferring Fenaka under STO.
However, the government has now decided not to merge Fenaka with STO.
