The Privatisation and Corporatisation Board (PCB) has appointed Ahmed Shamah Rasheed as the new Managing Director of State Electric Company Limited (STELCO), replacing Hussain Fahmy.

The decision was announced on Tuesday, with the PCB confirming Fahmy’s removal from the post. Fahmy, who had served with STELCO for many years, was appointed as Managing Director in November 2023 following President Dr Mohamed Muizzu’s election. The reason for his removal has not been disclosed.

Shamah previously served as the CEO of the state-owned Maldives Industrial Fisheries Company (MIFCO) after his appointment in November 2023. However, he was dismissed from that role in May 2024 and later served as Minister of State for Fisheries before his new appointment at STELCO.