Ensis in talks to sell Hulhumalé fish factory to MIFCO
Prior to its closure two years ago, it produced a range of canned fish products, which were exported to international markets.
Ensis Fisheries is in discussions to sell its fish processing factory in Hulhumalé to the state-owned Maldives Industrial Fisheries Company (MIFCO), according to the company’s chairman.
The factory, established in December 2019 with a loan exceeding USD 25 million from the German Development Bank, has remained closed since late 2023. The company attributed the closure to a sharp increase in the purchase price of fish during the previous government’s tenure, which it stated made operations unviable. The price of fish had increased from MVR 17 to MVR 25 per kilogram.
Mohamed Waseem Ismail, Chairman of Ensis Fisheries, told Atoll Times that MIFCO has expressed interest in acquiring the facility. However, he confirmed that discussions are still ongoing and that no agreement has been finalised.
“It’s still in the evaluation process. Nothing is over yet,” Ismail said. He declined to disclose the asking price of the factory.
Efforts to obtain a comment from MIFCO were unsuccessful.
The factory was capable of canning 25 tonnes of fish per day. Prior to its closure two years ago, it produced a range of canned fish products, which were exported to international markets. The shutdown of the facility also resulted in the loss of approximately 400 jobs.
MIFCO currently operates a fish cannery in Lh. Felivaru and is expanding its operations under a loan project supported by the Exim Bank of India. The company also runs fish purchasing and storage facilities in Addu and GA. Kooddoo.
