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3 NEWS The Malta Business Registry publishes its strategic plan for 2020 to 2025 8.10.2020 FROM PAGE 1 Part of the proceeds of the proposed bond issue were to be utilised to finance the acquisition by Premier Capital BV (a Premier Group company) of the re- maining 10% minority shareholding in Premier Capital SRL (Premier Capital BV is the 90% shareholder of Premier Capital SRL, which latter entity is the 100% shareholder of Premier Restau- rants Romania SRL, the operator of the Premier Group's McDonald's restau- rants in Romania). Specifically, the minority shareholder of Premier Capital SRL notified Pre- mier Capital BV that he was exercising a right competent to him in terms of the applicable shareholders' agreement, pursuant to which Premier Capital BV was to purchase all of the shares held by said minority shareholder at a price calculated in accordance with the terms stipulated in the aforesaid shareholders' agreement. McDonald's Corporation had provid- ed its consent for the transfer of the mi- nority shareholder's shares in Premier Capital SRL to Premier Capital BV and, therefore, Premier Capital BV was to purchase all of said shares in Premier Capital SRL. e terms of the Bonds to be issued were to be identical to those of the €65,000,000 3.75% unsecured bonds 2026 Premier Capital plc had issued in 2016. e new bonds were to be fully fungible with the 2016 Bonds. It was ex- pected that the latest bonds and those of 2016 would trade separately up until the first interest payment date, follow- ing which the two would have con- verged into one single bond. But on 2 October, Premier Capital withdrew its application for authorisa- tion for admissibility to listing. In a company announcesment issued by the Malta Stock Exchange, the com- pany claimed it had withdrawn its ap- plication for the latest bond issue "due to unforeseen delays in the relative reg- ulatory approval process". e acquisition by Premier Capital BV of the remaining 10% minority share- holding in Premier Capital SRL, orig- inally planned to be financed through the proceeds of the issue of the Bonds, will be settled from Premier Group's own funds, the company said. In another case, on 16 July 2020, Endo Finance plc announced it had filed an application to the listing authority re- questing the admissibility to listing of €28,000,000 Endo Finance p.l.c. 5.125% unsecured bonds 2030, guaranteed by Endo Ventures Ltd. at application is still pending. When contacted by BusinessToday, a spokesperson for the MFSA acknowl- edged that the timeframes for process- ing applications for bond listings are not always in line with the expectations of sponsors and applicants, without go- ing into the merits of individual cases. "e Authority is making every effort to enhance the process by which bond listing applications are reviewed and processed so that turnaround times are improved," the spokesperson said. THE Malta Business Registry today published its strategic plan for 2020 to 2025. is strategic plan was structured around the understanding that the MBR's role and responsibilities have been broadened as it serves additional business interests besides being Malta's business registry. It will take significant restructuring for the MBR to establish itself as a key stakeholder and compe- tent authority within Malta's financial services sector. With this in mind, it was deemed nec- essary to review contemporary themes that are impacting the strategies of many organisations, particularly public sector agencies. Together with the latest developments in strategy formulation, four main trends will help shape a way forward for the MBR: internationalisa- tion, information and communication technology, changing purposes, and knowledge and learning. "is strategy will take us towards being a modern, fully digital indus- try, offering fast, efficient services to companies, and crucially, easy access to searchers. Four main trends shaped the way forward for this Strategic Plan, these are: internationalisation, informa- tion and communication technology, changing purposes and knowledge and learning," Joseph Farrugia, the Chief Executive Officer of the Malta Business Registry, said. Kenneth Brincat, Chief Operations Officer of the Malta Business Regis- try, said that the strategic plan is all about transformation. "Transformation in HR and tech- nology to provide the most ef- ficient and effective service," he said. "us, this strategic plan in a nutshell is outlining the strategies to have a hardworking workforce using the latest technology to pro- vide service of excellence to our clients." Economy minister Silvio Schem- bru said that, in order to lessen unnecessary bureaucratic proce- dures, the Malta Business Reg- istry would address the demand for an enhanced holistic register by ensuring that accurate data is consistently stored and used as a single source for current and fu- ture submissions. "All economic operators will have the opportunity to update this central register which will contain the necessary identifiers to link the economic operators to various other Government entities – a system which inter- links all services offered by Govern- ment to businesses and self-employed," he said. e five-year strategic plan also paves the way for MBR to further safeguard the reputation of the Maltese jurisdic- tion by bolstering good governance and enhancing its due diligence methods, core values which strongly complement the Mal- tese Government's economic strategy. "Hence over the next 5 years MBR will seek to make changes, mostly requiring legislative adaptation, which will deter, and act against, those who persist in misusing the register," Schembri said. "e strategic plan is also high- lighting the global perspective through the internationalisation of MBR's purposes by adjourn- ing with international develop- ments." He commended Malta Business Registry for its major investment in its new online portal, which is based on blockchain technology, thus ensuring transparency and efficiency in the services provided, as well as MBR's proactive stance in putting forward suggestions that shape the adoption of new business models in such a manner that Malta anticipates such chang- es, changes which ultimately lend our jurisdiction a competitive edge in the attraction of new businesses. 'e Malta Business Registry's successful strides are a result of a dedicated, well-trained workforce that consider this agency as their second home. e agency's modus operandi in this regard is already serving as a point of reference with- in the public sector; a model player within the same sector," Schebri said. "e fact remains that in an ev- er-evolving scenario, one must be ahead of the game. As a Government, we grasped upon the opportunities despite these challenging times and sought to navigate through unprece- dented storms to ensure that Malta re- tains its competitive edge." MFSA to improve turnaround times in bond listing application review process There are 69 corporate bond issues on the Maltee Stock Echange

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