Maldives Industrial Fisheries Company (MIFCO), a subsidiary of State Trading Organization (STO), will begin operating as a separate company this month.
Managing Director of MIFCO Ismail Fauzee told "Mihaaru" that the operation of MIFCO under a public company makes it difficult to obtain financing for the company's development. Therefore, they have decided to separate from STO and run the company as a separate entity as before.
Ismail said that the final work is underway to split-up the two companies and it will be separated within this month.
"A lot of developments are underway for MIFCO . If we continue under a public company, we will face difficulties in obtaining finance, and we hope that the work will be completed this month," Ismail said.
MIFCO was first established as a separate company in 1993. However, due to high debt, the company was transferred under STO during former President Abdulla Yameen's administration.
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