MIFCO in Talks to Acquire Ensis Canning Factory
Screenshot from Ensis Fisheries’ vide posted on Meta on April 3, 2021 | Photo: Ensis Fisheries
The state-owned Maldives Industrial Fisheries Company (MIFCO) has confirmed it is in discussions to take over the Ensis Canning Factory, a USD 25 million (MVR 385 million) investment developed by a private party.
Amid growing speculation, MIFCO stated late last night that it has completed assessments confirming the facility’s processing capacity. The Ensis cannery plant, located in Hulhumalé, has been inactive for the past year and a half.
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The Ensis cannery closed in September 2023 after MIFCO raised its purchase price for skipjack tuna from MVR 17 to MVR 25 per kilogram, a change that would have forced the company to operate at a loss.
MIFCO has not disclosed whether it plans to purchase or lease the facility.
Ensis Canary, operated by Ensis Fisheries, is the firm’s third EU-approved plant (MDV 020) and was funded by the German Development Bank DEG. The state-of-the-art cannery has a cold storage capacity of 1,500 metric tonnes and can process 25–30 metric tonnes daily. It produces MSC-certified skipjack canned tuna sourced via pole-and-line fishing.
