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Kurt Sansone
After a lapse of five years the Malta Stock Exchange will get to see some new action after the private shareholders of Medserv plc announced they will put on offer 2.5 million shares, equivalent to 25 per cent of the company’s total share capital.
Medserv plc will be the first private-owned company since 2001 to issue shares to the public and list on the Malta Stock Exchange.
Medserv plc is the holding company of Medserv Operations Limited that has been operating as a logistical support base for the oil and gas industry in the Mediterranean for the past 32 years.
MOH Ltd and Malampaya Investments Ltd, respectively wholly owned directly or indirectly by Anthony Diacono and Anthony Duncan, will together offer 2.5 million ordinary shares of a nominal value of Lm0.10 each in Medserv plc. The offer for the shares, at Lm1.30 each, is initially being made through Charts Investment Management Service Limited and HSBC Stockbrokers.
Contacted by MaltaToday, Anthony Diacono said that the decision to go to the market was the company’s “next strategic development” and was “needed to show the market that we have gone up another rung in the ladder of corporate governance.”
Diacono said that listing on the MSE would give the company a higher profile among its current and prospective clients, which include major oil companies that would be moving into the Mediterranean.
Diacono also confirmed that former BOV chairman and current Euro-Changeover chief, Joseph FX Zahra, will be appointed non-executive board member of the company.
The share offering opens on 16 October and closes on 20 October. Medserv’s shares are expected to be admitted on the MSE on 23 October.
Medserv’s principal activities consist of providing logistical services and support to rigs and production platforms in the offshore oil and gas industry operating mainly in the Mediterranean basin, with a focus on the industry’s activities in North Africa.
In May 1997 Medserv was conceded a piece of land by Malta Freeport Corporation in Kalafrana and today the company operates its own private quay with its lay down area, warehousing and offices located just 600 metres away from the quay.
ksansone@mediatoday.com.mt
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