MIFCO becomes independent state company
The first 100 days or 14 weeks of the government include increasing the role of fishermen in running MIFCO.
By
Aishath Fareeha Abdulla
The state-owned fish company, Maldives Industrial Fisheries Company (MIFCO), has been converted into a 100% government-owned company.
The Ministry of Finance has signed an agreement with MIFCO, which was previously a subsidiary of the state-owned STO, to become a 100% state-owned company.
MIFCO was a subsidiary of STO and STO held 99.99% stake in the company and Allied Insurance owned 0.01% stake in the company.
The Ministry of Finance said in a post in 'X' on Wednesday that the conversion of MIFCO into a 100% government owned company will facilitate the implementation of government policies and the provision of financial and technical assistance for the company's works and projects.
In an earlier press conference, President Mohammed Muizzu said that after separating MIFCO from STO, he will create a fishermen's cooperative and make the cooperative a shareholder of MIFCO.
The first 100 days or 14 weeks of the government include increasing the role of fishermen in running MIFCO. The President's manifesto also includes the distribution of dividends to the fishermen so that the profits of MIFCO will benefit the fishermen.
