Apollo Holdings Private Limited signed an agreement with State Trading Organization (STO) on Wednesday to supply and install 46 elevators across nine apartment complexes under development in Hulhumalé, STO said in a media release.

Under the agreement, STO will supply and install elevators for the first two towers this year, with at least five elevators in each tower. These elevators will be the most modern and technologically advanced state-of-the-art machines in the market, STO said.

STO is the distributor for Kone Elevators which, according to STO, is one of the most popular elevator brands in the Maldives.

Architectural rendering of the Apollo Towers under construction in Hulhumalé. | Image: STO

The majority state-owned enterprise (SOE) trading in petroleum, cooking gas, construction materials, medical supplies, pharmaceuticals, home appliances, electronics, supermarket products, and insurance, STO has already installed KONE Elevators at major real estate development projects across the country.

The KONE brand is an immediately recognised name in the elevator and escalator industry worldwide, with their introduction of the ‘machine room-less’ elevator having revolutionised the industry.