Maldives Industrial Fisheries Company Limited (MIFCO), formerly a subsidiary of State Trading Organization (STO) with 99.99% shares owned by STO and 0.01% shares by Allied Insurance Company of the Maldives Pvt Ltd, has been transformed into a 100% state-owned enterprise.

The share transfer agreement for this conversion was signed on 20 December 2023. This change aims to align MIFCO with government policies, enabling direct and indirect financial aid and other assistance for the company.