Fenaka Corporation Limited (FENAKA) has shut down its ice plants located in various islands of the Maldives due to the company suffering major losses from the facilities.
Fenaka Corporation Limited (FENAKA) has shut down its ice plants located in various islands of the Maldives due to the company suffering major losses from the facilities.
In a press conference held by the company yesterday, Managing Director of FENAKA Muaz Mohamed Rasheed said that the company registers MVR 12 million in losses each year due to the operation of the ice plants. He also pointed out that these ice plants, which were inaugurated during the previous administration are also out of the scope of FENAKA's mandate.
"So, we decided to discontinue everything that causes losses. As such we have put a stop to the operation of the ice plants," he said.
Muaz went on to say that FENAKA opened up an ice plant in Laamu atoll, despite one already being operational in the atoll. He said this does not make any sense, and that the matter is being looked into.
FENAKA took aboard the responsibility of developing ice plants in five islands across the country last year in April. These islands include HA. Dhidhhoo, GDh. Rathafandhoo, AA. Rasdhoo, Dh. Meedhoo and L. Maamendhoo.
In addition to the ice plants, Muaz also revealed that the previous administration also had an ATM project going on via FENAKA, which he again, pointed out is not part of the company's mandate.
The company was also at MVR four billion in debt when the current administration took over its operations.
As such, the company has decided to discontinue all projects which cause the company to suffer losses. Implementing this measure has led the company to perform at a profit during the first two quarters of the year, Muaz said.
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