State Trading Organization (STO) has marked the company’s golden jubilee in a colourful ceremony held at Dharubaaruge last night.
The ceremony was graced by President Abdulla Yameen Abdul Gayoom.
The President was welcomed to officiate the ceremony by the Managing Director of STO, Adam Azim.
Speaking at the ceremony Adam Azim said that it is President Abdulla Yameen who is behind the remarkable successes of STO. Therefore, he expressed his gratitude to President Yameen.
Around the time of STO's establishment, Maldivian economy started to pick up speed, fueled by increasing commercial activity mainly in fisheries, agriculture, tourism and construction industries. STO responded by looking beyond its traditional role of state trader. It began to take up alternative enterprises to earn foreign exchange and broaden the nation's revenue sources.
Building up on the background of solid commercial success, STO has streamlined its operations to where profit and viability matter as much as the need to ensure broad access to basic essentials at affordable prices. STO has become the dynamic organization demanded by a prosperous, rapidly developing country. With a diversity of businesses, STO stands testament to the country's economic potential.
STO group, with its subsidiaries, joint ventures and associates, is a national leader in business. It has significant and focused interests in petroleum, cooking gas, construction materials (including cement and roofing material), medical supplies and pharmaceuticals, home appliances, electronics, supermarket products and insurance. The company is geographically diverse with operations and developments throughout Maldives and operations in Singapore. This has been achieved by direct procurement and distribution as well as forming joint ventures to effectively trade in areas where it presents greater opportunity.
STO has set new focus to make a splash in the tourism sector. Ongoing and upcoming projects in this sector are designed to ensure STO becomes a big player in hospitality and start earning its foreign currency in the near future.
STO marks golden jubilee
