FENAKA Shuts Down Ice Plant Operations Amid Financial Losses

FENAKA Corporation Limited has shut down its ice plants situated across various islands in the Maldives due to significant financial losses.

In a recent press conference, FENAKA’s Managing Director, Muaz Mohamed Rasheed, disclosed that the company incurs an annual loss of MVR 12 million from these facilities. He noted that the ice plants, established during the previous administration, fall outside FENAKA’s mandate.

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He further mentioned that FENAKA had established an ice plant in Laamu Atoll despite the presence of an already operational facility there, describing the decision as nonsensical and under review.

In April of last year, FENAKA took on the responsibility of developing ice plants on five islands: HA. Dhidhhoo, GDh. Rathafandhoo, AA. Rasdhoo, Dh. Meedhoo, and L. Maamendhoo.

Additionally, Muaz revealed that the previous administration had initiated an ATM project through FENAKA, which he also emphasised was beyond the company’s scope.

At the time the current administration assumed control, FENAKA was burdened with MVR four billion in debt. As part of its strategy to improve financial performance, the company has decided to discontinue all projects causing financial losses.