The State Trading Organization (STO) has pledged to work towards transforming Fenaka Corporation into a profitable entity following recent government decisions. According to a statement from STO, the primary focus will be on addressing Fenaka’s major expenditure on fuel and implementing a strategic plan to enhance profitability.

STO has proposed to the government that Fenaka be converted into a subsidiary of STO, citing potential mutual benefits for both organizations. In response, the government has decided to transfer Fenaka under STO's umbrella, with the establishment of an interim board currently in progress.

The interim board will include representatives from STO, the Ministry of Finance, and the Ministry of Environment. This temporary board is tasked with overseeing the transition process. Once the transfer is finalized, new board members will be appointed to Fenaka according to the governance codes and rules applicable to STO’s subsidiaries.

In addition to restructuring Fenaka, STO plans to address existing financial issues. The company noted that a significant portion of Fenaka’s debt is owed to the STO Group. STO aims to develop a comprehensive plan to recover these debts and ensure Fenaka's financial stability.

STO’s commitment to Fenaka's profitability underscores its broader goal of improving operational efficiency and financial health within its subsidiaries.