The Board of Directors of the State Trading Organisation (STO) have decided to close down three of their subsidiaries.
The three subsidiaries that are being closed are the Maldives National Oil Company Ltd (MNOC), STO Hotels and Resorts Pvt Ltd, and STO Maldives-Singapore Pvt Ltd.
The MNCO is involved in oil exports, STO Hotels and Resorts Pvt Ltd deals with the tourism sector, and STO Maldives-Singapore Pvt Ltd operates in Singapore.
Out of these subsidiaries, STO Maldives Singapore Pvt Ltd is still carrying out operations and has an office space. However, STO stated that the work needed to close down the firm is currently being carried out.
STO elaborated that this decision was made after consulting a Performance Audit Report, which revealed that the three subsidiaries did not bring in enough profits compared to the investment made.
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