STO interested in investing overseas

MALE, July 1 (HNS) -- State Trading Organization said Sunday it is interested in investing in neighboring countries. Speaking at the annual general meeting of the company, the Chairman of the Directors' Board, Abdulla Yameen, said as the company faces difficulty of income sources, they are interested in investing in neighboring countries to venture in export businesses if their is good investment possibilities in those countries. The Managing Director of STO, Mohamed Maniku, told Haveeru that there had been discussions at the Directors Board about investing in Sri Lanka. But Maniku did not reveal in what kind of business that STO would be investing in Sri Lanka. He said if any kind of investment is made in Sri Lanka, it would be an investment similar to the business that the company has been doing in Singapore. According to STO, Rf2 billion have been made from its businesses in Singapore last year. But although there has been an increase of trade in its business in Singapore, a substantial amount of profit has not been made as Singapore is a country that has competitive markets.