The Privatization and Corporatization Board (PCB) has appointed Hussain Shaam Adam, Minister of State for Finance and Planning, as the new Chairperson and Board Member of Fenaka Corporation.

Shaam replaces Shimad Ibrahim, former Managing Director of the State Trading Organization (STO). Shimad's appointment followed the transfer of Fenaka to STO as part of Government efforts to address the utility company’s debts and improve its financial position.

However, the transfer process was later suspended, with the Ministry of Finance stating it was considering alternative solutions for Fenaka’s recovery.

Fenaka Corporation has since confirmed Shaam’s appointment and welcomed him to the role, describing it as a positive step forward for the company’s future direction.