Three subsidiary companies of State Trading Organization’s are set to be dissolved, as per the Board of Directors of State Trading Organization (STO).
The three companies which are going to be disassembled include Maldives National Oil Company Limited, STO Hotels and Resorts Pvt Ltd. In addition, services provided from STO Maldives located in Singapore will also be discontinued or made dormant according to STO’s Board of Directors, says STO.
The reason for the dissolving of the companies is that their performance reports show that the investments invested in the companies are not compensated by the profits generated. STO explained that the necessary works to terminate the companies are underway and that all shareholders and any other related personnel have been informed regarding the dissolving of the companies.
