Fish cannery valued with land at fair market price, Ensis says
Ensis said the valuation had been carried out by a professional auditor and assured there was no irregularity in the process.
The Maldives Industrial Fisheries Company (MIFCO) is in discussions to purchase the Hulhumalé fish cannery operated by Ensis Fisheries, with the proposed sale price set at USD 32 million covering the facility’s premises, equipment, the leased land on which it is built, and other business-related factors, according to Ensis.
Ensis Chief Executive Officer and Managing Director Abdul Wahid Thaufeeq told Atoll Times on Tuesday that the cannery was constructed on land leased to the company for 50 years. He said the sale discussions include all rights to the land.
“The land in Hulhumalé is also very expensive. It is our own land. We are discussing to sell it. It is not just a place built there,” Wahid said.
In a statement on Monday, Ensis said the valuation had been carried out by a professional auditor and assured there was no irregularity in the process.
According to Wahid, the facility:
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Is fitted with modern equipment;
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Holds long-term agreements to supply canned fish to foreign supply chains;
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Employs technical staff experienced in operations; and
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Has a brand and future profitability factored into its valuation.
“They are making valuations based on a lot of things. Now they are talking about the valuation of the place without looking at those things and misleading the truth,” he said.
Wahid added that the project was financed with a USD 25 million loan from the German Development Bank, though additional investment was required for completion. The site contains other facilities in addition to the cannery.
“Nothing has been finalised yet. Even the sale price. These talks are just in discussion,” he said.
The cannery’s capacity is 25–30 tonnes of fish per day, with additional facilities including:
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1,500 metric tonnes of cold storage;
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A 1,000-tonne ice plant; and
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A fishmeal plant producing feed from fish waste.
The facility ceased operations at the end of 2023 after a sharp rise in fish prices ahead of the presidential election, which led to losses for the company. Approximately 400 jobs were cut, including 200 held by Maldivians.
Ensis confirmed it is also in negotiations with Chinese and Saudi firms to either sell or jointly operate the cannery.
