The Privatisation and Corporatisation Board (PCB) has designated Ahmed Shamah Rasheed as the new Managing Director of State Electric Company Limited (STELCO), succeeding Hussain Fahmy.
The announcement was made on Tuesday, as the PCB verified Fahmy’s dismissal from the position. Fahmy, having worked at STELCO for numerous years, was named Managing Director in November 2023 after the election of President Dr Mohamed Muizzu. The cause for his dismissal has not been revealed.
Shamah was formerly the CEO of the state-run Maldives Industrial Fisheries Company (MIFCO) following his appointment in November 2023. He was removed from that position in May 2024 and subsequently worked as Minister of State for Fisheries before his recent role at STELCO.