As the process to dissolve Fenaka Corporation and merge it with the State Electric Company (STELCO) begins, the utility provider has opened an opportunity for permanent staff who wish to resign voluntarily.
In a circular issued by Fenaka, the company requested employees seeking to resign to submit a signed formal letter via email to hr@fenaka.mv before 3:00 pm tomorrow.
Fenaka stated that once the Human Resources Department reviews the submissions, eligible employees will be presented with an agreement outlining the final date of employment and all applicable terms. The resignation process will be finalized upon the signing of this agreement.
Employees who choose to resign voluntarily under this scheme will be entitled to a severance package equivalent to three months' salary.
The schedule for transferring Fenaka branches to STELCO is as follows:
- Haa Alif Atoll – October 5, 2026
- Gnaviyani Atoll – October 5, 2026
- Gaafu Dhaalu Atoll – October 11, 2026
- Haa Dhaalu Atoll – October 11, 2026
- Shaviyani Atoll – October 17, 2026
- Laamu Atoll – October 18, 2026
- Noonu Atoll – October 24, 2026
- Thaa Atoll – October 24, 2026
- Raa Atoll – October 29, 2026
- Dhaalu Atoll – October 29, 2026
- Faafu Atoll – November 4, 2026
In light of these changes, Fenaka has requested full cooperation from all staff in providing necessary updates and information required by the Central Administration Department and Head Office departments.
The merger of Fenaka into STELCO is part of a broader restructuring of State-Owned Enterprises (SOEs), which includes the dissolution of the Road Development Corporation (RDC) to be merged with MTCC, and the transition of AgroNat into a subsidiary of MIFCO.
The government’s decision to dissolve Fenaka follows the recent termination of a number of employees. The opposition Maldivian Democratic Party (MDP) has noted that a majority of those dismissed were affiliated with their party.
As part of a wider fiscal policy to reduce government expenditure, the administration has decided to cut the SOE workforce by 33 percent. This downsizing initiative includes the termination of several long-serving and experienced professionals across various state companies.
