Ahmed Shamah Rasheed has been appointed as the new Managing Director of State Electric Company Limited (STELCO), replacing Hussain Fahmy.

The appointment was announced on 7 September by the Privatization and Corporatization Board (PCB), which holds the authority to make changes to the leadership of State-owned companies. No further details were provided regarding the decision.

Shamah previously served as Chief Executive Officer of the Maldives Industrial Fisheries Company (MIFCO) and later as State Minister for Ministry of Fisheries an Ocean Resources. His tenure at MIFCO began in November 2023 but ended in May 2024.

The outgoing Managing Director, Hussain Fahmy, had been appointed to the post in November 2023, shortly after President Dr Mohamed Muizzu assumed office. Fahmy had worked with STELCO for an extended period before assuming its top leadership role. The reason for his removal has not been publicly disclosed.