The government has decided to dissolve Fenaka Corporation and merge it with STELCO.

Speaking at a press conference held at the President's Office today, President Dr. Mohamed Muizzu stated that the misuse of Fenaka Corporation by the previous administration is evident from Auditor General reports.

The President noted that despite ongoing efforts to reform and stabilize Fenaka, technical experts concluded that sustaining the company as a standalone entity was not viable long term.

"Therefore, after thorough consideration and deliberation, the government has reached a decision. Although we previously considered this option and faced practical implementation challenges, we have now formally decided to dissolve Fenaka and merge it with STELCO," the President said.

He explained that once this process is complete, STELCO will assume responsibility for delivering utility services nationwide, taking over all operations currently handled by Fenaka as the latter is fully dissolved.

Additionally, the President announced decisions to repurchase shares to secure 100 percent state ownership in MWSC and a 51 percent majority stake in Dhiraagu, along with plans to merge several other public enterprises.