STO is a financially fit and successful company- STO

State Trading Organisation (STO)’s Managing Director, Shahid Ali has said that STO is a financially fit and successful company.

STO MD said that the rumours going around some of the media that STO dismissed more than 100 members are doubtful with no ounce of difficulty.

Shahid Ali said that STO has not decided to remove any of it’s employers. He also said that the company advertised to appoint candidates for open posts.

“Gan Airport Company Limited, Maldives Airports Company Limited and STO signed a joint venture agreement to upgrade and operate Gan International Airport in Gan of Addu. “he said.

 STO, with its subsidiaries, JVs and associates, is a national leader in business. It has significant and focused interests in petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronic items, supermarket products and insurance.

The company is geographically diverse with operations and developments throughout Maldives and operations in Singapore.

This has been achieved by direct procurement and distribution as well as forming joint ventures to effectively trade in areas where it presents greater opportunity. STO maintains strong government ties, making it their trading partner of choice.

At today’s meeting, the Cabinet also agreed to proceed with the development of Malé Local Market, and decided to construct a multi purpose building in the Malé water fitted with modern facilities.

This project will ease the current pent up demand for small selling spaces, and stop unauthorised selling by the pavement hawkers.