Ahmed Shareef, the Chairperson of Maldives Industrial Fisheries Company Limited (MIFCO), has been removed from his position and transferred to a company focusing on promoting fisheries.

The Privatization and Corporatization Board (PCB) revealed that Ahmed Shareef native to Thinadhoo island of Gaaf Dhaal atoll, who was serving as the Chairperson of MIFCO's Board of Directors, was removed from the position on Monday and appointed as the Chairperson of the Board of Directors of Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFORMPC).

Maldives Fisheries and Ocean Resources Marketing and Promotion Corporation (MFORMPC) is a limited liability company with 100 percent government shareholding.

The objectives of establishing the company include expanding the Maldivian fishing industry and increasing the benefits it provides to society by promoting products derived from all marine resources, including aquaculture and mariculture, as well as promoting products from Maldivian fisheries in the international market.

It also includes introducing a special brand for Maldivian fisheries to increase the benefits from its business, launching it in national and international markets, and gaining market share for Maldivian fisheries’ products in different high-quality and high-value markets.

MFORMPC, which was established on 4 February 2024, has not reported any activities to the media so far.