State Trading Organisation (STO)'s Managing Director and CEO Shimad Ibrahim has been appointed as the Chairman of FENAKA Corporation.

Announcing the appointment of Shimad as chairman, FENAKA said in a post on X on Sunday that the company will grow under Shimad's vision and leadership.

Prior to Shimad's appointment, Ahmed Shaheer filled the role of chairman at FENAKA. He was dismissed on 9 September.

Additionally, STO's Chief Financial Officer Mohamed Nizam and Minister of State for Finance Ahmed Mazin were also appointed to FENAKA board.

Shimad's appointment as FENAKA chairman comes in the wake of the government's decision for STO to acquire FENAKA as a subsidiary. The acquisition will be completed by January next year.