Issue link: https://maltatoday.uberflip.com/i/1503089
2 NEWS maltatoday | WEDNESDAY • 5 JULY 2023 2 MATTHEW VELLA A 70% share transfer for the operations at the Mediterrane- an Maritime Hub (MMH), the site of the former shipbuilding docks, has been set back six months, pending a change in the conditions of the concession. MMH – whose ultimate ben- eficial owner is Paul Abela of Abel Energy – was granted the 65-year land concession by in- dustrial parks regulator INDIS in 2016. It is now seeking to sell a 70% stake to buyers Vir- tu Holdings and LTV Develop- ments. But the buyers are seeking a change in concession terms that will allow a wider berth of services to be offered other than the oil and gas services MMH is bound to provide. The changes must be approved by the government regulators. After signing a letter of intent that was expected to culminate with a share transfer by 30 June, on Monday the two parties an- nounced a conditional share purchase agreement, which re- mains dependent on a number of conditions that must now be fulfilled by December 2023. "These conditions include the issuing of all necessary author- isations for the transaction to proceed from the local com- petent authorities, in line with the guarantor's obligations arising from a public deed of 1 August, 2016 concerning the transfer by temporary em- phyteusis of the site in Grand Harbour, Marsa, today known as the Mediterranean Maritime Hub," a company announce- ment read. "The transaction described above therefore remains sub- ject to the above-mentioned approvals being issued and the fulfilment of the Conditions Precedent." MMH, which has to issue bondholders with their annu- al interest payment, has said the 70% share transfer to Vir- tu-LTV is required for a €10 million fund transfer to re- structure the group's capital. Auditors say the capital will allow the group "to meet its financial commitments in the medium term" but warned that given the equity position of the company, "there remains uncertainty should the parties not reach an agreement on fi- nal definitive contracts, or... the change in ownership and involvement in the group by the new investors and related capital injection not material- ise within a reasonable time- frame." The auditors told MMH these events indicated a "material uncertainty that may cast sig- nificant doubt on the group's ability to continue as a going concern." MMH services the oil and gas service sector with manpower and technical personnel for off- shore and onshore operators, logistical support, yard opera- tions, procurement, and tech- nical services to oil rigs. Since 2018, the group has diversified into yachting maintenance and vessel-hoisting. Marsa shipbuilding sale delayed by six months over changes in 2016 concession Bid to acquire 70% of MMH concession now moved to December 2023, with share purchase agreement conditional on changes in terms of concession approved by government The Malta Mediterranean Hub THE Nationalist Party is ap- pealing to government MPs to support a parliamentary motion, calling for a public inquiry into the death of Jean Paul Sofia. PN MPs Jerome Caruana Cilia and Stanley Zammit made the appeal on Tues- day, 48 hours before parlia- ment discusses the Opposi- tion's private member's Bill. The PN has taken on board calls by Sofia's mother and friends for a public inquiry into the tragic death. Sofia was buried when a building under construction at the Corradino Industrial Estate collapsed, killing him and injuring several others. Prime Minister Robert Abela has refused to open a public inquiry, insisting the ongoing magisterial inquiry has all the power to deter- mine what criminal action should be taken and against who, apart from highlight- ing any other failures that may have led to the death. Abela has publicly criti- cised the magistrate for tak- ing so long to conclude the inquiry. But the PN has been ad- amant on the need for a public inquiry to establish whether the State failed in its duty to prevent loss of life. "It cannot be that a trage- dy happens and life goes on as if nothing has happened with Robert Abela stamp- ing his feet and refusing to appoint a public inquiry," Caruana Cilia and Zammit said. They asked whether Abela was protecting anyone close to the Labour Party through his refusal to hold a public inquiry into Sofia's death. "This is an issue that goes beyond political colour. It is unacceptable that Robert Abela and his government continue to be hard-headed because this is only stops action from being taken to prevent similar tragedies," the PN spokespersons said. PN MPs Jerome Caruana Cilia (left) holding up a photo of Jean Paul Sofia's mother who has been campaigning for a public inquiry into her son's tragic death, and Stanley Zammit PN MPs appeal to Labour counterparts to vote in favour of public inquiry into Sofia tragedy