The state-owned Maldives Industrial Fisheries Company (MIFCO) has announced that talks are underway to purchase the Ensis Fisheries' cannery in Hulhumale'.

In a statement, MIFCO said studies have been completed to purchase the cannery and that negotiations were currently underway.

"We are in discussions with Ensis after completing studies to acquire the processing capacity of the Ensis cannery which has suspended operations for the past one and half years after investing with the latest machinery and equipment," MIFCO stated.

About USD 25 million was spent to build the Ensis cannery with funding from the German Development Bank. It is an EU approved factory.

Ensis cannery is capable of processing approximately 30 tons of fish per day. The factory also has a 1,500 metric ton cold storage facility.

The cannery was closed in 2023 after the fish purchasing price for MIFCO was raised to MVR 25 per kilo.

Ensis cannery previously employed 200 people. Currently, Ensis does not process fish but is still involved in fish exporting to Vietnam, Thailand and Mauritius.