PTM has a rich history dating back to 1972 when a joint venture between Mitsubishi Corporation and Ireland Blyth Limited (IBL) gave birth to the Mauritius Tuna Fishing and Canning Enterprises (MTFCE). MTFCE was a vertically integrated tuna processing operation. It owned and operated fishing vessels, had its canning and packing plants, and produced fishmeal. MTFCE was acquired in 1999 by Princes Group, a major Food and Drink organization in the UK.
Princes Tuna (Mauritius) (PTM) was established in 1999 when Princes acquired MTFCE. A new factory was constructed creating one of the most technologically advanced tuna processing facilities in the world.
PTM was established as a joint venture with long-term partners Ireland Blyth Limited (IBL) and the Mauritian State Investment Corporation (SIC). IBL is one of the largest private company in Mauritius and SIC is the investment arm of the Government of Mauritius.
In 2015, PTM merged with Thon des Mascareignes to create the enlarged PTM with two production sites: Marine Road and Riche Terre. Its shareholding now includes Seafood Hub Ltd, which is a subsidiary of IBL.