MIFCO to be converted to a public limited company

CEO of MIFCO Ismail Fauzy | photo: Avas

Male’, Maldives – Chief Executive Officer (CEO) of Maldives Industrial Fisheries Company (MIFCO) Ismail Fauzy has stated that the company will be converted to a private limited company and that its resources would also be further developed with the involvement of locals.

While appearing on “Raajje Miadhu” programme of PSM, Ismail said that projects over USD 50 million have been planned for the coming year in order to develop the company’s resources. He also noted that the current concerns of fishermen would come to an end with the completion of these projects.

ismail further added that their planned projects for the coming year includes the development of an ice plant in the North, development of cold storage facilities and bryne facilities as well as changing the whole company so that it is able to purchase fish from fishermen and process it.

The aim is to make sure that MIFCO is an independent company which the fishermen want with the end of the planned projects for the coming year. The most importance would be given to developing the resources. Following that we will convert MIFCO to a private limited company that includes the participation of locals and fishermen.

CEO of MIFCO Ismail Fauzy

One of the main complaints continually received from the fishermen is that the fished are not purchased during a good fishing season. Fishermen have recently protested to express their concerns including the delays in weighing the fish and having to dock the boats for a long time at the port.

Ismail Fauzy also said that MIFCO is the company with the best prices even though they also buy and sell at the same level as the rest of the world. Ismail also added that they give MVR 16 which is a huge price compared to other companies. He also said that the company has bought fish weighing 47,000 tons giving out over MVR 840 million to fishermen till now.

In addition to this, CEO of the company Ismail said regarding the calls from different individuals to terminate the company, that the fisheries Industry is an industry with the potential to make billions just as the tourism industry and that this will be achieved by MIFCO working alongside fishermen.

Maldives Industrial Fisheries Company (MIFCO) was founded on November 1, 1993 and has since then been working to develop the fisheries Industry. 99.99 percent of shares is owned by State Trading Organisation (STO) and 0.01 percent is owned by Allied Insurance, a subsidiary of STO.