MIFCO Denies Plans to Reduce Purchase Price of Skipjack Tuna Despite Financial Strain

MIFCO (Maldives Industrial Fisheries Co. Ltd) has denied reports that it plans to reduce the purchase price of skipjack tuna from the current MVR 25 per kg, despite financial strain. The company also denied allegations of reviewing the price. However, CEO Ismail Fauzee had earlier suggested reducing the price to below MVR 20 due to global market rates, and a review was underway with the Ministry of Finance. The state budgeted MVR 250 million for MIFCO this year, but needs may double. The incoming Muizzu administration has hinted at eliminating underperforming SOEs. MIFCO was incorporated in 1993 and operates a cannery at Felivaru Island in Lhaviyani Atoll.

MIFCO (Maldives Industrial Fisheries Co. Ltd) has denied reports that it plans to reduce the purchase price of skipjack tuna from the current MVR 25 per kg, despite financial strain. The company also denied allegations of reviewing the price. However, CEO Ismail Fauzee had earlier suggested reducing the price to below MVR 20 due to global market rates, and a review was underway with the Ministry of Finance. The state budgeted MVR 250 million for MIFCO this year, but needs may double. The incoming Muizzu administration has hinted at eliminating underperforming SOEs. MIFCO was incorporated in 1993 and operates a cannery at Felivaru Island in Lhaviyani Atoll.

MIFCO (Maldives Industrial Fisheries Co. Ltd) has denied reports that it plans to reduce the purchase price of skipjack tuna from the current MVR 25 per kg, despite financial strain. The company also denied allegations of reviewing the price. However, CEO Ismail Fauzee had earlier suggested reducing the price to below MVR 20 due to global market rates, and a review was underway with the Ministry of Finance. The state budgeted MVR 250 million for MIFCO this year, but needs may double. The incoming Muizzu administration has hinted at eliminating underperforming SOEs. MIFCO was incorporated in 1993 and operates a cannery at Felivaru Island in Lhaviyani Atoll.

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