Ensis in talks with Chinese, Saudi firms and MIFCO over cannery sale

Ensis Fisheries has said it is in talks with the state-owned Maldives Industrial Fisheries Company (MIFCO) as well as Chinese and Saudi firms to sell or lease its tuna canning factory.

The decision was made following losses linked to a government-mandated price hike for skipjack tuna.

The factory, which opened in December 2019 with a USD 25 million (MVR 385 million) investment, suspended operations in September 2023 after MIFCO increased the purchase price of skipjack from fishermen to MVR 25 per kg. Ensis said the increase, introduced one and a half years ago, made operations unsustainable.

The company is also considering transferring the facility to MIFCO as part of efforts to boost the state firm’s production and value-added capacity.

“Ensis is a proud Maldivian company with 23 years in the fisheries industry. The canning factory is our largest investment and a symbol of our heritage,” the company said in a statement, urging against the spread of misleading information about its valuation.

- Opened 9 December 2019 – first of its kind in Male' area

- Investment: USD 25m (MVR 385 million)

- Land area: 50,000 sq ft

- Cold storage: 1,200 tonnes

- Canning capacity: 25 tonnes/day

- Workforce before closure: over 400 employees with 80 percent being women

Built with loans from the German Development Bank and Maldivian banks, the facility is equipped with state-of-the-art machinery, internationally certified and audited, and has supplied canned tuna to supermarkets in Europe and the US under long-term contracts.

Ensis said any valuation of the facility would include the land, machinery, human resources and supply agreements.