Maldives Industrial Fisheries Company (MIFCO) is set to become a wholly government-owned entity. The transformation follows a Cabinet Minister’s decision made on 5th December 2023. The formalization of this decision took place today in a special ceremony at the Ministry of Fisheries and Ocean Resources.
The Share Transfer Agreement was officially signed by the State Trading Organization Plc (STO) and Allied Insurance Company, the current shareholders of MIFCO, transferring their shares to the Government.
The ceremony saw key figures in attendance. Minister of Finance Dr. Mohamed Shafeeq represented the government in executing the Share Transfer Agreement. Mr. Shimad Ibrahim, Managing Director of STO, and Mr. Hussain Luwaiz, Managing Director of Allied Insurance Company, signed on behalf of their respective companies. Ahmed Shiyam, Minister of Fisheries and Ocean Resource, witnessed the signing.
The share transfer is scheduled to be completed by the 30th of December, 2023.