The Managing Director of Fenaka Corporation Limited Muaz Mohamed Rasheed has assured the company will continue to provide ice to fishermen until the handover of its ice plants to Maldives Industrial Fisheries Company (MIFCO) is completed.
Managing Director Muaz made this assurance during a meeting with Minister of Fisheries and Ocean Resources Ahmed Shiyam, where they discussed arrangements for the transfer of the ice plants to MIFCO. He assured that fishermen will not experience any difficulties during the transition period.
Fenaka announced its decision to cease the operation of ice plants in August, citing misalignment with the company's service objectives and significant financial burdens. The company reported losses exceeding USD 780,000 monthly to maintain the service.
As part of its strategy to become more profitable, Fenaka has decided to discontinue ice plant operations on 25 islands, many of which were inadequately serviced. The company is working to reduce expenses, including not renewing contracts for employees on stalled projects, cutting logistics costs, and slowing down CSR expenditures, as it focuses on reducing its debts.