MIFCO to be converted to a public limited company

Maldives Industrial Fisheries Company (MIFCO)’s CEO Ismail Fauzi has stated that if the company is developed as planned, it will be converted to a public limited company, with direct involvement of fishermen.

In an appearance on Public Service Media (PSM)’s Raajje Miadhu show, Fauzi said that the planned development projects will provide a solution to the concerns of fishermen.

He said that MIFCO will be made a company that buys fish from fishermen and processes the fish in the future.

Projects planned by MIFCO include establishing cold storage facilities and brine facilities in islands, and further development of existing resources.

“These projects will please fishermen. As MIFCO remains in this industry and develops, it will satisfy fishermen,” said Fauzi.

“The hope is to develop this industry with the fishermen, and for MIFCO to go ahead with the involvement of fishermen.”

MIFCO was transferred under State Trading Organization (STO) with 99.99 percent shares by STO and 0.01 percent shares by Allied Insurance in 2016.