Hussain Fahmy, who has served State Electric Company Limited (STELCO) for nearly three decades, has bid farewell to the company following his removal as Managing Director. His departure was announced today by the Privatization and Corporatization Board (PCB), which confirmed that Ahmed Shamah Rasheed, former CEO of Maldives Industrial Fisheries Company (MIFCO), has been appointed as his successor.
I extend my heartfelt gratitude to President Dr. Mohamed Muizzu for granting me the privilege of leading STELCO which I have Served for 27 years
I would like to thank the Executives and employees whose hard work and commitment have been the driving force behind STELCO’s success.…
— Hussain Fahmy (@HussainFahmy09) September 7, 2025
A Grateful Goodbye
In a post shared on X (formerly Twitter), Fahmy extended his “heartfelt gratitude” to President Dr. Mohamed Muizzu for granting him the privilege of leading STELCO. He highlighted his 27 years of service to the company, describing it as a source of immense pride.
Fahmy took the opportunity to thank STELCO’s executives and employees, whose “hard work and commitment have been the driving force behind STELCO’s success”. He concluded his message with well wishes for the company’s continued growth, success, and prosperity, signing off “with utmost respect”.
Leadership Transition
The PCB’s decision marks a significant shift for STELCO, which provides electricity services to Malé and several other islands. The appointment of Hussain Shamah Rasheed is expected to usher in a new phase for the company as it undertakes critical infrastructure projects and navigates the growing demand for sustainable energy solutions.
Looking Forward
While Fahmy leaves behind a legacy spanning almost three decades, Shamah brings his own blend of experience in both corporate management and public service. Industry observers note that this transition reflects the government’s wider agenda to align leadership at state-owned enterprises with national development priorities.
