The State Trading Organization (STO), the largest state-owned enterprise (SOE) in the Maldives, has announced plans to develop a 25-story multi-purpose establishment. This ambitious project aims to enhance the company’s infrastructure and provide a modern work environment.
Project Details
STO formally announced the project through the state gazette on Tuesday, inviting interested parties to submit their Expression of Interest (EOI) by August 13, 2024. The new building will be located next to STO’s head office in Maafannu, Male’ City.
Financing and Development Model
The project will follow a contractor-financing policy, with STO injecting 15% equity. It will proceed under an engineering, procurement, and construction (EPC) model, ensuring efficient and integrated project delivery.
Management Initiative
This new multi-purpose building is part of an initiative by STO’s new management, following a review of multiple work sites. The establishment will feature relevant services and provide an optimum work environment for employees, reflecting the company’s commitment to enhancing its operational infrastructure.
Conclusion
STO’s announcement marks a significant development in the company’s expansion plans. By inviting EOIs and adopting a contractor-financing policy, STO aims to attract qualified partners to bring this landmark project to fruition, ultimately benefiting both the company and its employees.
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