Speaking in a press conference held at STO Head Office, MD Azim said that the company had been USD 164 million in debt when he had been assigned office, and that the company had, as of then, managed to make USD 51 million in debt payments. “We expect that we would be able to pay off the remaining USD 114 million within the next three years. STO in its history has never held such a huge debt. We are working on improving STO’s Balance Sheet,” he said. He said that the debt they had to pay off were payments outstanding from bills, and not from any loan taken for investment purposes. MD Azim said that changes needed to be brought to the company’s operating expenses in order to successfully finish off paying the debt within three years; and that the USD 51 million in debt they had managed to pay off could be credited to being able to minimize their expenses. “We would have been able to bring in additional income to STO if money had been taken for an investment. We are paying off the debt from profits the company is able to generate,” said MD Azim.