State Trading Organization (STO) has scratched plans for the development of a flour factory in the Maldives.
STO Managing Director Shimad Ibrahim made the announcement while speaking at the company’s Annual General Meeting for 2023 held on Friday evening. He made the announcement in response to a shareholder query.
Shimad said that the company’s board made the decision following discussions on the matter, and that the board had found it was an unfeasible project.
“When we cross check the recent feasibility study with the previous one, we observed it was not feasible, which is why the board decided not to proceed with the plan,” Shimad said.
Earlier in 2022, the company had completed its feasibility for the project and had secured funds for the factory development. STO had also reported that it was waiting for the land to be arranged from Kulhudhuffushi City to mobilize the project.
STO had previously said that the flour it currently imports, does not possess a lengthy shelf life.