Shimad Ibrahim, the current Managing Director of STO, has been appointed as the new Chairman of Fenaka Corporation, according to an announcement made today on 'X'. The company expressed confidence in Ibrahim’s leadership, highlighting their optimism about future success under his guidance.

The appointment comes at a significant time for Fenaka Corporation, which is set to become a subsidiary of STO as part of a government-led restructuring initiative. Ibrahim’s new role follows the removal of Ahmed Shaheer, the former Chairman of Fenaka and previous Managing Director of STO. The Privatization and Corporatization Board (PCB) has not provided any specific reasons for Shaheer's departure.