Issue link: https://maltatoday.uberflip.com/i/1458618
5 NEWS 10.3.2022 IZI Finance plc appoints board of directors Torrent Pharma to invest €22m in new Malta facility IZI FINANCE PLC, the finance compa- ny of IZI Group p.l.c and its subsidiar- ies, yesterday announced the appoint- ment of its Board of Directors. e Board will be chaired by Dr Chris- tian Gernert, who will also be respon- sible for Strategy and Implementation. Johann Schembri, who founded the Group in 2004, is the Chief Executive Officer of IZI Group p.l.c, the leading land-based gaming group of companies in Malta. Gernert and Schembri will be joined by another five directors in the stewardship of the company. Two of the directors form part of the chief officer suite of the group, name- ly Franco De Gabriele, Group Chief Commercial Officer and Joseph Mallia, Group Financial Officer. e executive directors have a long track-record with- in the group and were an integral part of its success over the past 10 years. e board of the Company is being strengthened with the appointment of three independent non-executive di- rectors to the Board: Certified Public Accountant Jacqueline Camilleri, who will also chair the Audit Committee of the Company, economist Dr Stephanie Fabri and experienced banker Dr Otto Karasek. "e new Board of Directors features high-calibre executives from different sectors, all of whom will be essential to lead the Group forward in the pursuit of its growth strategy locally and inter- nationally. I am privileged to be work- ing with such an exceptional line-up to steer the Group towards its next phase of expansion," Schembri said. "Over the past 20 years we have man- aged to build a home-grown success sto- ry in Malta's vibrant land-based gaming industry. Our incessant efforts led us to successfully bid and be awarded the concession to operate the Dragonara Casino, while also being declared as the Preferred Proponent of the Nation- al Lottery of Malta following separate international calls for tender issued by the Privatisation Unit," he said. "ese successful efforts impose on the Group a stronger responsibility to rise to the challenges ahead of us, something I am confident we shall succeed in through the leadership of a formidable team at the level of the Board of Directors." Jacqueline Camilleri is a Certified Public Accountant and holds a B.A. (Hons.) degree in Accountancy as well as a master's degree in business admin- istration from Heriot-Watt University of Edinburgh Business School. She has served on numerous high-cal- ibre boards including a Board Member of the Foundation of Medical Services, Vice Chairman of the Malta Interna- tional Airport and is also a Chair of the Audit Committee on several listed com- panies. Camilleri has also worked on several consulting assignments, privati- sation processes, strategic reviews, and business evaluations during her time at MIMCOL. Dr Stephanie Fabri graduated from the University of Malta and holds a B.Com (Hons.) Economics degree. She pursued her studies to a Master of Science in Public Sector Economics and eventually successfully completed a PhD in Man- agement and Economics from Warwick Business School, University of War- wick, UK. Fabri serves as a non-Executive Direc- tor on Malta Dairy Products Limited, was a consultant to the Minister on eco- nomic affairs in relation to the environ- ment, climate change, and planning and served as the Chairperson of the Intelli- gent Planning Consultative Forum. She was also a visiting lecturer at the Uni- versity of Malta from 2010 – 2019 and a public sector economist from 2011- 2013. She is currently a Board Member of the Malta Stock Exchange. Dr Otto Karasek graduated from the University of Vienna with BA (Hons.) Economics and obtained a master's in business administration from the same University. His professional ca- reer spans various roles in the banking sector, including Managing Director of BAWAG Malta Bank Limited from its establishment in Malta in 2003 till 2016 when the bank was sold. Karasek has served on several high-profile Boards, including Chair- man of the Supervisory Board and of the Nomination and Remuneration Committee of Start Bausparkasse in Hamburg, as well as Chief Executive Officer of Merkanti Bank Ltd (previous- ly MFC Merchant Bank Ltd). He currently is a non-Executive Board Member of Merkanti Bank Ltd and the Chairman of the bank's Business and the Nomination and Remuneration Committee. INDIAN generic medicines compa- ny, Torrent Pharmaceuticals, will be investing €22 million in a new plant in Malta as part of its expansion plans in the EU. The Malta company will provide laboratory testing, warehousing and batch release from the facility it will build at the Ħal Far industrial estate. Works on Torrent's facility will start shortly and are expected to be completed within 18 months. Torrent Malta general manager Frederick Schembri said the com- pany will create more than 120 full- time jobs and by 2024 will also have labs to test oncology drugs. The Malta plant will enhance Tor- rent's European network, he add- ed. "The Malta facility will be a key logistical and quality assurance hub." Torrent Pharma is ranked eighth in the Indian pharmaceutical mar- ket and is present in more than 40 countries. It is the top Indian phar- ma company in Germany and Brasil. Schembri said that with the help of Malta Enterprise, INDIS Malta and the Medicines Authority, Torrent has managed to get its Malta project off the table within a relatively short time. The company has been allocated a plot of land in Ħal Far, the site of an abandoned factory, which it will turn into a testing and warehouse facility. "Torrent Malta will be a catalyst for the group's European operations and further growth in the EU because it will help consolidate supply and logistical operations, provide lab testing and batch release," Schembri said. The details were given on Wednes- day by Torrent top officials in the presence of Prime Minister Robert Abela and ministers Miriam Dalli and Silvio Schembri at the site of the proposed facility. Abela welcomed the company to the "capital of the Mediterranean" and thanked them for choosing Mal- ta for their expansion. "You will be a genuine asset wher- ever you choose to invest in the world and I thank you for choos- ing Malta… our English-speaking can-do attitude matches your own," Abela said, adding the company's investment fits into government's long-term vision for the country of crafting partnerships with investors. Torrent Pharma Malta general manager Frederick Schembri said the company planned to employ more than 120 people in the next two years (Photo: James Bianchi/MediaToday)