Maldivian fisheries company Ensis has announced plans to sell or enter into a partnership to operate its state-of-the-art canning factory in Hulhumalé, following what it describes as “unsustainable” increases in government-regulated fish buying prices.
Established in 2019 with financing from the German Development Bank and local lenders, the canning facility is the largest investment in Ensis’s 23-year history and one of the most significant assets in the nation’s fishing industry. Equipped with modern machinery and international certifications, the factory previously exported Maldivian canned tuna to European and American supermarkets under long-term contracts.
At its peak, the factory employed over 400 workers, including 200 Maldivian women engaged in fish cleaning. However, the company says past government price hikes – eventually reaching MVR 25 per kilo – eroded profitability and forced a halt in operations.
Ensis confirmed that discussions are underway with the state-owned Maldives Industrial Fisheries Company (MIFCO) as well as Chinese and Saudi firms regarding a potential sale or operational partnership. Talks with MIFCO also include the possibility of integrating the canning facility into the state company’s assets to boost its production capacity and value-added exports.
The company expressed disappointment over what it claims are “false and misleading statements” circulating about the factory’s valuation, urging all parties to avoid spreading information that undermines the reputation of a 100% Maldivian-owned enterprise.
“Ensis was built with the vision of competing in an open fishing industry,” the statement read. “We will continue all necessary efforts to safeguard the company’s future and ensure the continued contribution of our investments to the Maldivian fisheries sector.”
