The State Trading Organization (STO) on Wednesday officially transferred 99.9 percent of its shares in the Maldives Industrial Fisheries Company Ltd (MIFCO) to the government. This follows the Cabinet Ministers’ decision on 5 December 2023 to convert MIFCO into a wholly state-owned company and upon receiving the official notification confirming this decision on 17 December 2023.

Along with STO, its subsidiary Allied Insurance Company of the Maldives also transferred 0.01 percent stake in MIFCO to the government.

STO’s Board of Directors convened on 19 December 2023 and the Share Transfer Agreement was signed in the presence of Minister of Finance Mohamed Shafeeq. Minister of Fisheries and Ocean Resource Ahmed Shiyam was also present at the signing ceremony.

The cut-off date for the share transfer process will be 30 December 2023, STO said in a statement, notifying all shareholders and relevant stakeholders of the company.