Ahmed Shamd Shamah Rasheed, the former CEO of MIFCO, has been appointed as the Managing Director of State Electric Company Limited (STELCO). The Privatization and Corporatization Board stated that Hussein Fahmy of M. Fataha has been removed from the position of Managing Director of the Board of Directors of State Electric Company Limited, and Ahmed Shamah Rasheed of M. Siskin has been appointed to the position. Ahmed Shamah, who was appointed as the Managing Director of STELCO, previously served as the CEO of MIFCO.
Hussein Fahmy, who was dismissed from the position of Managing Director of STELCO, was appointed to that position on November 28, 2023, when the current government came to power. The Privatization and Corporatization Board, which has the authority to appoint and dismiss directors of state-owned companies, has not disclosed any further details regarding this change.
