STO plans pharmacy and supermarket in Hulhumalé

The State Trading Organisation (STO) has plans to open both a pharmacy and a supermarket in Hulhumalé, local media has reported.

STO Managing Director of Adam Azim has said that a supermarket for the residents of the Malé suburb would ease the numbers of people having to travel across to the main island of the capital.

Meanwhile, Azim is also reported to have told media that a new 24 hour pharmacy will open within the next two weeks.

“This is something that is needed immediately for the people. The people of Hulhumalé have to travel all the way to Malé to buy medicine most of the time,” Miadhu quoted Azim as saying.

The artificial island of Hulhumalé has been targetted for a number of developments by the current government.

Plans have recently been finalised to double the size of the island, while President Abdulla Yameen has plans to develop a ‘youth city’ of 50,000 people, serviced by a bridge between the capital’s largest two islands.


Crew member injured in fire onboard STO oil tanker

A crew member of a State Trading Organisation (STO) oil tanker en route to the gulf was injured in a fire accident yesterday, local media reports.

STO Managing Director Adam Azim told newspaper Haveeru that the incident occurred onboard the ‘Aihuras’ vessel while it was near the coast of the city of Mumbai in India. There was no oil on the ship when the fire broke out, he noted.

The burnt crew member was taken to a Mumbai hospital for treatment while the ship was undergoing repairs for minor damages caused by the fire.

“It was not a very dangerous incident. We would know of the injuries sustained by the crew member in detail after seeing the doctor’s report,” Azim was quoted as saying.


STO posts record profits for January

The State Trading Organisation (STO) has posted a record level of profits for the month of January.

STO Managing Director Adam Azim told the press on Thursday that the MVR46 million (US$3 million) earned last month was the highest monthly profit in the company’s history.

The record profit was the result of efforts to improve the financial situation of the company, Azim said, adding that STO did not raise prices “a single cent” from goods sold to the public.

Efforts were instead undertaken to make the company’s management more efficient and increase productivity, he said.

The company’s current aim was to improve cash flow and liquidity and focus on its traditional business instead of expanding to other sectors, he added.

As STO was owed almost a billion rufiyaa in unpaid bills from government-owned companies, Azim said the finance ministry has been making repayments in monthly instalments.

On ongoing projects, Azim said the company expected the residential hotel under construction in Hulhumalé to be completed by the end of the year while a project to install night lights at the Fuvahmulah airport would be finished soon.


STO MD replaced with Defence Minister’s brother

State Trading Organisation (STO) Managing Director Shahid Ali has been dismissed from the post and replaced by Adam Azim, formerly the government-owned company’s General Manager.

Shahid confirmed his dismissal by the incoming administration of President Abdulla Yameen to local media and made parting remarks to his staff today.

The new MD is the brother of President Yameen’s newly reappointed Defence Minister Colonel (Retired) Mohamed Nazim.