Govt to dissolve Fenaka and RDC under SOE restructuring

The government has decided to dissolve Fenaka and transfer its operations to the State Electric Company (STELCO), while merging the Road Development Corporation (RDC) with the Maldives Transport and Contracting Company (MTCC).

The President’s Office announced the changes on Monday, saying they were intended to reduce government expenditure and improve the operation of state-owned enterprises.

Under the restructuring, STELCO will take over responsibility for providing electricity and water services across the Maldives. RDC’s ongoing work will be transferred to MTCC, which will become responsible for road development and related activities.

The government also announced plans to convert Agronet into a subsidiary of the Maldives Industrial Fisheries Company (MIFCO).

The President’s Office said the consolidation was aimed at improving the efficiency of the companies and reducing duplication. It added that the number of employees at the companies would also decrease once the changes were completed.