State Electric Company Ltd Stelco has handed over the keys to flats developed for its staff to 360 company employees today.

The flats were developed as part of the Hiya Housing Scheme and construction on the project started back in 2018.

Speaking at the ceremony held to hand over the flats to their recipients, Stelco Managing Director Ahmed Shareef said that the company was able to complete the housing development project with the help of other companies and thanked HDC and MWSC for their assistance.

Drawing of Stelco flats

Shareef said that the company's board had given him the power to name the towers and that they would be named 'Blue Rich-1' and Blue Rich-2'.

The company's MD noted that his predecessors played key roles in the development and subsequently thanked them for their roles.

Shareef said that the company had spent a total of MVR 692 million on the project and that it plans to take MVR 623 million from its staff. He said that the company had already taken 20 percent of this amount and that it has to take another MVR 509 million.

He added that the company will bear the rest of the cost spent on the flats.