Italian director still interested in Price Club…
…and the Kordin Grain Terminal

Novacom Director, Giorgio Petricich arrives in Malta today, still hoping to press ahead with his Price Club offer and is also interested in buying the Kordin Grain Terminal.

Although close to 100 creditors filed an application in the Civil Court on Friday for the liquidation of the supermarket chain, the Italian businessman feels that he can still give the necessary guarantees to the creditors to drop the case.

Speaking to MaltaToday yesterday, Victor Zammit, one of the Directors of Price Club, said that Mr Petricich still hopes to turn things around.

The creditors were split on what action to take against the ailing supermarket chain. Although most did not initially want to start legal proceedings, many had become fed up waiting for the deal to be finalised and were getting jittery about the outstanding debts. They had been pressing for a guarantee that they would get at least some of the money there are owed from the new deal.

Mr Petrich has expressed great interest in doing business in Malta and is also interested in buying out the Kordin Grain Terminal which is to be privatised in the near future.

The Italian company initially expressed an interest in the troubled Price Club chain after the Libyan company, Lafico, failed to conclude its buy-out deal.

The Italian businessman offered Lm1.5 million to rent the stores and also stock them. Mr Petricich, who is the former owner of the Italian supermarket giant TAM, was reported to be ready to table a Lm4.5million sum to kick-start the company, which was due to, re-open this month.

Victor Zammit admitted to MaltaToday that at the moment he does not know what will happen. "I only know that this is a long process and that it won’t be solved very quickly. Mr Petricich is coming to Malta tomorrow (Sunday) to try to get the ball rolling again. But I can’t promise anything, my only wish is that everything will be solved very quickly for the sake of everyone."