Government Takes Full Ownership of MIFCO

The Maldives Industrial Fisheries Company (MIFCO) is now set to become fully government-owned. This change comes after a decision by a Cabinet Minister on December 5, 2023, and today, the formalization of this decision took place in a special ceremony at the Ministry of Fisheries and Ocean Resources.

During the ceremony, the State Trading Organization Plc (STO) and Allied Insurance Company, the current shareholders of MIFCO, officially signed a Share Transfer Agreement, transferring their shares to the government.

Key figures present at the ceremony included Dr. Mohamed Shafeeq, the Minister of Finance, representing the government in executing the Share Transfer Agreement. Mr. Shimad Ibrahim, the Managing Director of STO, and Mr. Hussain Luwaiz, the Managing Director of Allied Insurance Company, signed on behalf of their respective companies. Ahmed Shiyam, the Minister of Fisheries and Ocean Resources, was present as a witness during the signing.

The share transfer is expected to be completed by December 30, 2023.

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