A fresh process for the privatization of the super yachts facility of Malta Shipyards was launched today by the privatization unit, on behalf of the government.
The first attempt had been discontinued because the bids were seen as being too low for the profitable facility. Controversy then erupted over alleged attempts at bribery by a government official involved in the process. A police investigation was launched. The person allegedly involved also took court action against the person making the claims.
The Privatization Unit explained today that further to a call for expressions of interest in November 2008, it had issued four parallel Requests for Proposals, one for each of the four facilities which made up Malta Shipyards Limited.
The privatization processes for the ship repair facility and Manoel Island Yacht Yard facilities were successfully concluded. In contrast, the privatization processes for the steel fabrication facility and for Malta Super Yacht Services failed to meet the government's expectations and were cancelled on February 3rd 2010.
The unit said that based on MSYS's past performance as well as on the potential future growth of the sector, the Government of Malta firmly believes that the privatization of the MSYS facilities represents an attractive business opportunity for prospective investors interested in further developing and operating these facilities for a fixed term. For this purpose, Government has decided to re launch the privatization process for the MSYS facilities, with a view to optimizing sale proceeds.
A Competitive Tendering Process has therefore been launched for the granting of 30 year concession of the super yacht facilities, which are based in Grand Harbor. The Super Yacht Services Facility is comprised of two dedicated docks, one of which is installed with a high retractable cover, a number of workshops and site offices.
The operation has grown steadily since inception in 2003 and has secured a large number of contracts including extensive refits on some of the largest and best known super yachts.
The Privatization Unit said interested investors may collect the necessary documentation to participate in this tendering process from its offices at Marsa Industrial Estate. The documentation will be made available against the signing of a Confidentiality Agreement and a payment of EUR 5,000.
(Sourced from Times of Malta)
