local
news
Foreign investors set to seal deal
with Price Club
By
Ray Abdilla
A solution seems to be on the horizon for the troubled Price Club
chain of supermarkets.
Rumours have been rife that the supermarket giant was in severe
financial difficulty recently, fuelled by emergency talks the directors
held with creditors and the shops’ empty shelves.
But the directors
have now pumped fresh capital into the business and also held
discussions with foreign investors, in the hope of persuading
them to purchase shares from the local supermarket chain.
Insiders
told MaltaToday that investors from Italy, Ireland and South Africa
have been discussing this possibility with the local directors
and added that they were optimistic about the outcome.
The chain
was recently extended with the opening of two more stores –
one in Attard and another in Naxxar - following the purchasing
of the premises from Happy Saver Supermarkets.
The Price
Club chain has also recently carried out a restructuring programme
with the help of PricewaterhouseCoopers.
The Maltese
directors of Price Club believe that selling their shares to foreign
investors will give the company a much-needed boost.
With some
600 people directly employed with the Price Club Chain and several
hundred more indirectly, the implications of the company collapsing
would have been severe.
|
