STO to end work at some of their subsidiary companies

State Trading Organization (STO) has said that they have started to end the work at some of their subsidiary companies.

A statement issued by STO yesterday said that the company Board of Directors has decided to close down their subsidiaries, Maldives National Online Company and STO Hotels and Resorts PLC and temporary halt the work of STO Maldives in Singapore.

With the Board decision, STO said that they are in the process of implementing the close down.

The decision was made due to the insignificant return based on the investments made by STO.