President Dr Mohamed Muizzu declared on Tuesday that the Maldives Industrial Fisheries Company Limited (MIFCO) is now a 100 percent state-owned enterprise. He made this announcement in a press conference held at the President’s Office, following Tuesday's Cabinet meeting.
The President stressed the importance of strengthening MIFCO to enhance the overall fisheries sector. Additionally, he revealed the decision to establish a special cooperative for fishermen, and integrate the cooperative as a shareholder in MIFCO.
Previously, MIFCO functioned as a subsidiary under the umbrella of the State Trading Organization Plc (STO). The decision to make MIFCO a subsidiary of STO was made on the brink of the company's bankruptcy on September 26, 2016, under the administration of former President Abdulla Yameen. At that time, MIFCO was burdened with a debt of MVR 300 million.
Upon becoming a subsidiary of STO, MIFCO came under the ownership of STO, with 99.99 percent of its shares held by STO, while the remaining 0.01 percent was held by Allied Insurance, another subsidiary of STO.