New Leadership Appointed to Fenaka Corporation by PCB

The Privatisation and Corporatisation Board (PCB) has announced new executive and board appointments for state utility provider Fenaka Corporation Limited, effective 15 October 2026.

As per PCB’s official announcement, Dr Ali Azwar assumes the roles of Executive Director and Acting Managing Director, while Ibrahim Nizam joins Fenaka’s Board of Directors.

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Dr Azwar brings nearly three decades of utility sector experience, serving as Managing Director, Deputy Managing Director, and Chief Operating Officer at STELCO after joining in 1997. He holds a doctorate, a Master in Public Policy from the National University of Singapore, and a degree from the University of Sheffield.

Ibrahim Nizam also joined STELCO in 1997, where he heads various divisions including Renewable Energy, Transmission and Distribution, Power Generation, and the Hulhumalé Powerhouse. He holds advanced engineering degrees from the University of Manchester and the University of Strathclyde.

The management of Fenaka Corporation has been handed over to the Managing Director of STELCO as part of an ongoing transition to dissolve Fenaka and merge its operations under STELCO. As part of transferring island operations currently run under Fenaka to STELCO, island assessments are being conducted, and STELCO is officially taking over these operations. The latest appointments form part of ongoing administrative governance and operational restructuring across state utility enterprises overseen by the PCB.