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Past Government’s Price Policy Shuttered Factory – Ensis in Talks with MIFCO, Foreign Firms
Maldivian fisheries company Ensis announced plans to sell or partner on its Hulhumalé canning factory, blaming government-regulated fish buying prices that eventually reached MVR 25 per kilo for eroding profitability and halting operations. The company says it is in talks with state-owned MIFCO as well as Chinese and Saudi firms over a sale or operational partnership.
We will continue all necessary efforts to safeguard the company’s future and ensure the continued contribution of our investments to the Maldivian fisheries sector.
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MVR 25 per kilogovernment-regulated fish buying priceThe Standardthe company says past government price hikes – eventually reaching MVR 25 per kilo – eroded profitability and forced a halt in operations.
Word for word from the report in The Standard. Open the report
over 400 workersworkers employed at factory peakThe StandardAt its peak, the factory employed over 400 workers, including 200 Maldivian women engaged in fish cleaning.
Word for word from the report in The Standard. Open the report
200 workersMaldivian women engaged in fish cleaningThe StandardAt its peak, the factory employed over 400 workers, including 200 Maldivian women engaged in fish cleaning.
Word for word from the report in The Standard. Open the report
2019 yearyear Ensis canning factory was establishedThe StandardEstablished in 2019 with financing from the German Development Bank and local lenders, the canning facility is the largest investment in Ensis’s 23-year history
Word for word from the report in The Standard. Open the report
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Ensis confirmed that discussions are underway with MIFCO and Chinese and Saudi firms regarding a potential sale or operational partnership.The StandardEnsis confirmed that discussions are underway with the state-owned Maldives Industrial Fisheries Company (MIFCO) as well as Chinese and Saudi firms regarding a potential sale or operational partnership.
Word for word from the report in The Standard. Open the report