Ensis cannery under consideration for MIFCO acquisition

Talks have commenced regarding the acquisition of Ensis's cannery in Hulhumale' by the state-run Maldives Industrial Fisheries Company (MIFCO). 

The cannery, initially opened by Ensis at a cost of approximately USD 25 million, ceased operations in 2023.

The cannery, established in 2009, halted production when MIFCO increased the purchase price of fish to MVR 25, leading to its dormancy for the past eighteen months.

MIFCO stated in a release on Saturday evening that the primary challenge faced by the company has been significant delays in the repair and maintenance of crucial equipment, including fish procurement vehicles and associated machinery.

MIFCO further indicated that it is making substantial investments, with government backing, to enhance its fish procurement and storage capacities. 

"Therefore, discussions are underway to bring Ensis cannery under its control after the necessary research to acquire its processing capacity is conducted," the company's statement read.

Ensis's cannery, which had a daily processing capacity of 25 tonnes of fish, was constructed with funds raised from the German Development Bank. Although fish processing at the cannery is currently suspended, Ensis continues to export fish.