STO declares 2023 AGM record date

State Trade Organization (STO) has declared its record date for the 2023 Annual General Meeting.

In a statement on X, STO confirmed June 26, 2024 as the record date for the upcoming AGM of the largest state-owned enterprise (SOE) of the Maldives.

The company reported a revenue of MVR 4.02 billion for the final quarter of last year, and generated a net profit of MVR 183 million.

STO also announced an annual revenue of MVR 16.4 billion last year, which is an approximate MVR 2 billion lower than the MVR 18.2 billion observed last year.

While the largest Maldivian SOE saw a drop in its annual revenue last year, it topped Transparency Maldives’ Corporate Governance Transparency Index – that assesses 32 SOEs.

STO had scored an impressive 67%, securing the top position in the overall index rating.

Earlier on June 04, STO announced extending an invitation to its shareholders for an informal meeting where the corporation discussed preparation details of the upcoming AGM, and the status of the company’s annual report.

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