Fenaka Corporation Limited has announced it will cease operations of its ice plants.
In a press conference, Managing Director of Fenaka Muaz Mohamed Rasheed explained that running the ice plants does not align with the company's service objectives and is financially burdensome. He said that the company incurs losses exceeding USD 780,000 monthly to maintain the service. After discussions with the Maldives Industrial Fisheries Company Limited (MIFCO) and relevant authorities, the decision was made to discontinue the ice plant operations.
Additionally, Muaz highlighted a significant issue regarding the acquisition of an ice plant developed by private companies in Maamendhoo, Laamu Atoll. He said that the plant was purchased for USD 713,000, and an additional plant is under construction on the island. He also noted that the transaction has raised concerns and is currently under investigation by the Anti-Corruption Corporation (ACC).
Fenaka had been operating ice plants on 25 islands, many of which were inadequately serviced. The company continued to incur substantial costs for employee and operational expenses.