Issue link: https://maltatoday.uberflip.com/i/1502308
3 maltatoday | WEDNESDAY • 28 JUNE 2023 NEWS MATTHEW VELLA A prospective 70% share trans- fer for the former shipbuilding grounds in Marsa is in the cross- hairs of a rival company, that has told INDIS, the Malta industrial parks agency, that it should not allow an arbitrary change in the concession of the Malta Mediter- ranean Hub (MMH). MaltaToday understands that Manoel Island Yacht Yard, which runs the marina in Gżira, has ob- jected in a letter to Indis about allowing any changes in the con- cession that would allow a wider berth of services at MMH. Mediterranean Maritime Hub Finance plc, whose ultimate ben- eficial owner is Paul Abela, ob- tained the former shipbuilding site in a 2016 concession binding the area for use as oil and gas ma- rine facilities. The MMH Group is planning to sell a 70% stake to Virtù Fer- ries and LTV – the latter owned by Francis Busuttil & Sons – for €10 million. But while the share transfer was expected to be signed by the end of June, it remains conditional on changes in the concession terms for the Marsa shipbuilding area, which would expand yachting and storage services and ulti- mately affect the interests of Ma- noel Island Yacht Yard. Manoel Island Yacht Yard is owned by MIDI plc, the Mizzi Organisation, Mariner Capital (Hili), Virtu Steamship (not con- nected to Virtu Ferries), and Cen- tral European Advisors (Bianchi). But the 70% share offer remains conditional on necessary approv- als from the regulatory authorities due to the 2016 concession, which was granted to MMH through a temporary emphyteusis. MMH is seeking the cash injec- tion due the state of its equity in 2022, where auditors alerted the company to "uncertainty should the parties not reach an agree- ment on... any of the terms and conditions related to the said definitive contracts between the present shareholders and the new investors." The auditors have warned that should the share transfer not take place "a material uncertain- ty exists that may cast significant doubt on the Group's ability to continue as a going concern." The MMG Group issued a €15 million unsecured bond in 2016 to finance its redevelopment of the 165,000sq.m site, which in- cludes 1,200m of quayside and engineering workshops covering 30,500sq.m. The area strategically abuts on- to the Grand Harbour and cur- rently operates as an operations and supply chain support base for the Mediterranean oil and gas industry. The transfer of shares remains subject to authorisation from the competent authorities in line with MMH's obligations arising from the public deed entered into with the government in August 2016. Virtu Holdings is ultimately the owner of Virtu Ferries, operators of a catamaran service between Malta and Pozzallo. It also oper- ates a fast ferry service between Grand Harbour and Mġarr. LTV Developments is owned by Francis Busuttil & Sons Ltd, also known as Ta' Bandallu, a major importer of food and groceries. Marsa shipbuilding: INDIS warned over concession change for €10m sale Manoel Island operators warn INDIS over allowing arbitrary concession changes to Malta Mediterranean Hub for €10 million sale to Virtu-LTV The Malta Mediterranean Hub THE unemployment rate for May 2023 stood at 2.8 per cent, down 0.1 percentage points from the previous month and by 0.3 percent- age points from the same month last year. During May 2023, the number of unem- ployed persons was 8,322. Males and the 25 to 74 age group being the major contribu- tors to the overall level of unemployment. The seasonally adjusted number of unem- ployed youths amounted to 2,150, whereas the number of unemployed individuals aged between 25 and 74 years stood at 6,173. Unemployment in May stood at 2.8%, down 0.1% Seasonally adjusted monthly unemployment rate