FENAKA Corporation has ceased its ice plant construction and operation service, effective today. The discontinuation of the services was announced by FENAKA’s Managing Director Mohamed Muaz Rasheed at a press conference held Thursday.
Muaz explained that the company had been operating outside its primary scope by managing ice plants. This led to approximately MVR 12 million in losses each year. After consultations with relevant agencies, FENAKA decided to halt these services to prevent further financial strain, he said.
Muaz also noted that the company had spent millions of MVR on the construction of ATMs. While this did not enhance the quality of FENAKA’s core services, he said this initiative has also been discontinued.
Muaz asserted that the company will refrain from engaging in any activities that could be harmful to the company.
