Planning shock forces Farsons to postpone business park listing

Plans to create a subsidiary company that would have developed the €40 million business park in Mriehel have been put on hold by the board of directors at Farsons that met 24 hours after the Planning Authority intimated it would reject the permit.

In a company announcement on the Malta Stock Exchange, the directors said they would be seeking professional advice over the PA's indicative decision to reject the business park on land that is already developed inside the Mriehel industrial estate.

"In view of the significant uncertainty caused by the indicative decision of the PA, the board determined that it had no option but to put into abeyance the plan to spin-off the company's shareholding in Trident Estates plc and the subsequent listing of Trident on the official list of the Malta Stock Exchange," the directors said.

At Thursday's meeting of the planning board, PA chairman Vince Cassar asked for a quick show of hands from board members as to how they would vote on the project, after some members expressed their reservations on the lack of a masterplan. The indication was that the project would be rejected by seven votes to five. A final decision was not taken and the vote was postponed to another sitting.

However, in a company announcement following the development, Farsons referred to the decision as a rejection. The company is planning to develop a business park on the site of the old brewery.