The Maldives Industrial Fisheries Company (MIFCO) has confirmed it is in talks to acquire the Ensis fish cannery in Hulhumalé, which has been out of operation for the past year and a half.

The facility, built in 2009 with financing from the German Development Bank, cost about USD 25 million and with a capacity of processing 25 tonnes of fish per day. Operations came to a halt in 2023 after MIFCO raised the purchase price of fish to MVR 25 per kilo.

In a statement issued on Saturday, MIFCO said it faces ongoing challenges due to delays in repairing and maintaining essential equipment, including fish procurement vehicles and related machinery. The company said it is now making major investments, with Government support, to boost its fish procurement and storage capacity.

MIFCO noted that bringing the Ensis cannery under its control is part of these efforts, but will only proceed after completing the necessary studies to determine how to make use of the facility.

While the cannery remains inactive, Ensis continues to export fish.