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3 NEWS 14.10.2021 VBL Plc. celebrates trading debut on Malta Stock Exchange VBL Plc., the Valletta property company, yesterday celebrated its trading debut on the Malta Stock Exchange under the tick- er symbol 'VBL'. e Group, founded in 2012, is the largest private owner of real estate in Valletta, as well as a leading player in the property manage- ment and hospitality markets. "Since inception, we have set ourselves the goal to reach this important milestone. VBL has played an important role in re- vitalizing Valletta and attracting investment into the City. List- ing on the stock exchange has opened up this opportunity to a wider market." said Dr. Andrei Imbroll, Executive Chairman of the Board of Directors of VBL Plc. Imbroll said that the compa- ny now envisaged several local players listing equity and that it was looking forward to a vibrant equity market on the MSE. He said the VBL Plc had a sig- nificant number of projects pre- pared for development. "is next phase will see the Company speed up develop- ment of its properties into rev- enue generating property," he said. Dr Géza Szpehalmi, founder and CEO of VBL Plc, said that these are very exciting times for the VBL Group. "Our top priority remains driving Valletta forward, closing the gap between the capital city of Malta, with its Euro-Medi- terranean peers and delivering year on year growing dividends for our Shareholders, based on strong financial results," he said. "As a listed company, VBL in- tends to continue to build on its leading market position in its core market, delivering value through significant investment in renovation and upgrading of VBL's already existent historic property portfolio in Valletta." One behalf of the Board of Di- rectors, Imbroll thanked all new investors, the advisory team and the Malta Stock Exchange for hosting the event. Dr. Andrei Imbroll Executive Chairman of the Board of Directors of VBL Plc. (left), with Dr Géza Szpehalmi, founder and CEO of VBL Plc FROM PAGE 1 "ere was a deliberate effort in the budget not to support specific sectors but to present more generic measures that would affect more sectors and peo- ple," she said. "We definitely expected more measures affecting the tourism and hospitality sectors, because al- though they are starting to report solid recovery numbers, much still needs to be done." Xuereb said the Chamber had been expecting the government to announce a reduction in VAT for the tourism sec- tor, a measure the Chamber - like other bodies - had recommended to the gov- ernment in order to prop up the sector which had been badly affected by the pandemic. e Chamber president said she was also disappointed by the rather vague references in the budget speech to digi- talisation incentives for the private sec- tor. But she welcomed many measures announced in the budget and said that in the prevailing economic climate in which operational costs are increasing at a fast pace for all business operators, the government took the decision not to place any further fiscal burdens or costs on the private sector. "is includes the introduction of a new mechanism which is completely independent from the existing Cost of Living Adjustment (COLA) framework to assist vulnerable families, whose cost will be borne by Government rather than being passed onto the private sec- tor," she said. "is is a positive step in order not to allow an inflationary spiral across the board." She said that a number of proposals put forward by the Chamber had been taken up by the government. ese included schemes to incentivise productive work and shift works as well as reduced tax rates for part-time and overtime work, zero tax on pension- able income for those in employment beyond retirement age, and zero tax on the re-investment of profits for business operators. Xuereb also welcomed the strong em- phasis on green investments in terms of mobility and construction as well as in favour of heritage buildings and UCA properties. Measures for better planning through the introduction of an aesthetics policy and comprehensive development, assis- tance for companies to offer training to their employees, more funding support to help commercialise technological products, and incentives for business- es investing in innovation would prove positive for the Chamber's members, Xuereb said. "We must also note that the myriad of social measures aimed at pensioners and other vulnerable groups are posi- tive as it is felt that these cohorts retain their purchasing power in an inflation- ary economy," she said. Xuereb said that for next year the gov- ernment was forecasting the highest in- crease in revenue to originate from VAT receipts with estimates higher than the 2019 VAT income. is assumes contin- ued growth in consumption and rigorous enforcement of VAT dues as well as the collection of deferred VAT payments. "e Malta Chamber fully supports the Government's renewed commit- ment towards fiscal morality," she said. "e fact of the matter is that when you have someone paying less VAT than they should, others would probably be paying more to make up for the short- fall." At the end of the day, everyone must pay their dues, she said. 'Budget does not place any further fiscal burdens on the private sector' Marisa Xuereb: "We definitely expected more measures affecting the tourism and hospitality sectors, because although they are starting to report solid recovery numbers, much still needs to be done."

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