Shaam replaces Shimad as Fenaka Chairperson

State Minister at Finance Ministry Hussain Shaam Adam has been appointed as Chairperson of Fenaka Corporation today, replacing Shimad Ibrahim, STO Managing Director, who earlier filled the position.

The appointment was announced today by Privatization and Corporatization Board.

Shimad was temporarily appointed to the role in September last year, following the company's transfer to STO as part of efforts to clear its debts and restore profitability.

The move was later halted, with the Finance Ministry stating that they are exploring alternative solutions.

Shaam has previously served on the Fenaka Board from 2016 to 2018.