The government has decided to dissolve Fenaka Corporation—the state-owned utility provider for the islands—and merge it with STELCO, while also dissolving the Road Development Corporation (RDC) to merge its operations with MTCC.
President Mohamed Muizzu announced the decision during a press conference today.
"Once this process is complete, STELCO will provide services across the entire Maldives. Therefore, all of Fenaka's operations will be transferred to STELCO, and Fenaka will be completely dissolved," the President stated.
"In conjunction with this, the decision has also been made to dissolve RDC and merge it with MTCC."
During the briefing, the President noted that these changes would streamline the management of MTCC and STELCO while reducing overall expenditure.
"As Fenaka integrates into STELCO and RDC merges with MTCC, the drive for corporate efficiency will also lead to a reduction in staff numbers. State-owned enterprises will operate under a more efficient, leaner, and robust system," Muizzu said.
Furthermore, the President announced that the government has decided to restructure AgroNet as a subsidiary of MIFCO. He added that there are numerous areas where the two companies can collaborate effectively.
