News • 10 November 2002

Public invited to purchase 20% of MIA shares

Corinthia San Gorg: Just days before the government budget, Finance minister John Dalli yesterday announced the sale of 20% of all shares at the Malta International Airport.

"It has always been our strategy to encourage the public to actively participate directly in the economy."

He said that the 20 % sale would lead to an income of 9.9 million for government.

The new consortium Malta Mediterranean link is represented by Vienna International Airport from Austria and SNC-Lavalin from Canada who own 40 % of MIA shares.

The two companies both see Malta as serving as a hub.

The Vienna component has experience in the hubbing factor in being the leader for Eastern European destinations at Vienna airport.

Vienna’s international expertise is expected to contribute to MIA success. Vienna airport is reported to have fared very well compared to the other competitors on the stock market.

The other foreign partner, SNC-Lavalin, a Canadian company has offices in over 30 countries.

Mr Dalli announced that the shares will have a nominal value of 20c and are being offered at 73c each.

Applications can be made for a made for a minimum of 700 shares and multiples of 100 thereafter.

Bondholders in the Malta Government Privatisation bonds are being given a preferential allocation of 6,767.000 shares. This is in line with the terms of the issue of the bonds contained in the Offering Memorandum dated 23 October 2000. Bondholders in Malta Government Privatisation Bonds will be offered up to 50% of the Offer. Director sand employees of MIA will also benefit from a preferential allocation of 405,900 shares at a discount of 5%.

Also speaking at the press conference, MIA Chairman Lawrence Zammit said that Malta’s EU membership would open up new opportunities. He said MIA looked to broadening the services similar to the maintenance agreements with Lufthansa and Medavia. He also referred to the potential of linking with the Cruise liner terminal.

Mr Tony Camilleri of Bank of Valletta said that all banks and stockbrokers had accepted to serve as intermediaries in the sale of the shares.