The Managing Director of STO Ahmed Shaheer have said that even though STO officially starts managing MIFCO, shareholders need not to worry.
Speaking to the press at STO head office, Shaheer said that even though STO is managing MIFCO it is still being run as a separate company and the government will provide incentives to solve the current financial problems of MIFCO.
“So STO will not face any financial losses because of this. We also have a very capable team here at STO who can make MIFCO a successful company again. This change of management is actually a good change for both STO and MIFCO” said Shaheer.
Shaheer said that MIFCO used to be the export department of STO, and with this change STO will benefit in many ways.
“ STO is always in need of foreign currency. That can be managed with MIFCO. In addition, we will see advancements in fuel shipments as well. Also, we can bring in goods of STO through MIFCO Vessels that comes back to Maldives after they go abroad with fish. We can also send goods to the atolls using STO boats. We will get several benefits like this” said Shaheer.
Shaheer urged the shareholders not to worry about this change and also je assured that, STO Team will make MIFCO a profitable company.
No reason for shareholders to worry even if STO is managing MIFCO : Shaheer
