Fenaka Corporation Limited has guaranteed the uninterrupted supply of ice to fishermen during the transition of its ice plants to Maldives Industrial Fisheries Company (MIFCO).
The assurance was made by Fenaka’s Managing Director, Muaz Mohamed Rasheed, in a meeting with Fisheries and Ocean Resources Minister Ahmed Shiyam. During the discussion, Muaz confirmed that fishermen will not face any disruptions in ice availability throughout the transition period.
Fenaka announced its decision to stop operating ice plants earlier in August, highlighting the move as part of a broader strategy to align its services with core objectives and address substantial financial challenges. The company has reported monthly losses exceeding USD 780,000 in maintaining the ice plant services.
To streamline operations and improve profitability, Fenaka plans to cease ice plant activities on 25 islands, many of which were underperforming. The company is also taking steps to cut costs by not renewing contracts for employees on stalled projects, reducing logistics expenses, and scaling back on corporate social responsibility (CSR) initiatives, as it focuses on lowering its debt.
