A digest of news and opinion from the Maldives.
State Trading Organization (STO) has revealed that thirteen units at the harbour food court of Male’ is up for lease now. An announcement released on 31st December 2020, STO states bidding is open for all interested parties till 14th January 2021, 14:00hrs. In Twitter, the Managing Director of STO, Hussain Amr said that lease rent […]
State Trading Organization of Maldives (STO) plans to expand its operation into the digital banking industry. An announcement on Twitter, STO states that the organization will be conducting a market survey from 10th December till the end of this month targeted to people between 20 to 39 years old. The survey is being conducted in […]
State Trading Organisation (STO) has announced a profit after tax of MVR 100 million for the year’s third quarter. The Q3 financial report released by the company shows that an income of MVR 1.5 billion was generated. However, when comparing against last year’s Q3 income of MVR 2.2 billion, the income is MVR 700 lower. […]
State Trading Organisation (STO) has paid a significantly high dividend of MVR 58 per share for the year 2019 during COVID-19 compared to other local government companies. STO recorded a profit of MVR 383 million during last year. Large local companies like Dhiraagu paid MVR 12 per share as dividend for 2019 where the company […]
The revenue generated by the State Trading Organization (STO) from the oil business in 2019, has increased by MVR 77 million. According to the annual report of 2019, the company has earned a revenue of MVR 6.4 billion from the business of oil, while in 2018, the company has earned MVR 4.3 billion. The report […]
The International Islamic Trade Finance Corporation (ITFC), provides US$15 million in favour of State Trading Organization (STO), Maldives to facilitate their procurement of staple food, medicine & medical equipment during COVID-19 pandemic crisis. In addition to the financing of US$15 million, ITFC is also extending a grant for supporting their sourcing of emergency medical equipment […]
State Trading Organisation (STO) has announced that they have begun to wholesale goods to retailers via its online store ‘eSTOre’. STO has stated that as one of the employees of its e-store has been tested positive for the virus due to which many of its employees are in quarantine. Hence, they have temporarily stopped operating […]
State Trading Organisation (STO) has resumed selling eggs, onions, vegetables, and fruits on wholesale. STO has stated that those who wish to buy eggs, onions, vegetables, and fruits on wholesale can place their orders from 10 am to 3:30 pm via its hotline numbers 7291123 and 7291125. STO sells a pack of onion for MVR […]
State Trading Organisation (STO) is working on bringing a COVID-19 testing machine. The government spokesperson Mabrook Azeez has stated that STO is working on bringing a COVID-19 testing machine, and they will most likely bring it to the Maldives by next month. In addition to that STO is also working on bringing more test kits […]