Ahmed Shamah Rasheed was dismissed from his position as Managing Director of STELCO today, less than five months after his appointment. This was revealed in a post on “X” by the Privatization and Corporatization Board (PCB), the main agency overseeing state-owned companies.

Shamah was appointed as the head of STELCO last September, following the dismissal of Hussain Fahmy, who was the company’s MD at the time. However, the PCB has not yet disclosed a specific reason for Shamah’s sudden removal today, which comes not long after he assumed office.

It is noteworthy that Shamah was the first Managing Director appointed to MIFCO by the current government. While serving as the MD of MIFCO, issues related to corporate governance surfaced, leading the PCB to suspend him pending an investigation. Subsequently, in May 2024, having served less than a year in the position, he was dismissed as MIFCO’s MD. He was removed from that post after his suspension had been lifted.