STO to Disburse MVR 60 per Dividend, Eyes a Flour Mill Down the Pipeline

On Sunday, State Trading Organization held their Annual General Meeting 2020 virtually.  
 
The welcome speech was delivered by STO Chairperson, Mr. Hamid Nasheed Mohamed followed by the E-voting for the reports presented as Director’s Report 2020 and Financials for the year. It was decided that a dividend of MVR 60 will be disbursed, as approved by shareholders. The company made a profit of MVR 127 million out of its MVR 8.5 billion income for 2020.  
 
STO also announced the appointment of the services of multinational firm PricewaterhouseCoopers as 2021 External Auditors for a second consecutive year. Upon popular voting, Ms. Aminath Rushma was elected to represent them in STO Board for the third year in a row.  
 
Speaking at the event, CEO and MD of STO, Mr. Husen Amru highlighted on the company’s performance in the past year. Having re-established the shipping business, STO remained successful in continuing the supply of food and medicine without interruption during the pandemic.  
 
Stressing on how the challenging year has defined the importance of securing the steady availability of food amid a pandemic, Amru revealed that STO is planning to produce wheat flour in the country. This will be facilitated via a flour mill built locally to produce flour from imported wheat.  
 
Amru further expressed STO’s work in expanding their services to an international platform as part of the company’s future visions. Currently, work is in progress to build a central warehouse in the Greater Male Region whilst simultaneously providing warehouse services in various atolls.