MITTS completes sale of shares in Nucleus Training
Malta Information Technology and Training Services Ltd (MITTS) has completed the sale of its 15,000 shares in Nucleus Training International Ltd ("Nucleus") to Philip Toledo Limited at a price of €9.32 per share, which is equivalent to four times the...
Malta Information Technology and Training Services Ltd (MITTS) has completed the sale of its 15,000 shares in Nucleus Training International Ltd ("Nucleus") to Philip Toledo Limited at a price of €9.32 per share, which is equivalent to four times the value at which the shares were held on the books of MITTS Ltd.
Following the Cabinet's consent of the recommendation made by Austin Gatt, the Minister for Infrastructure, Transport and Communications, MITTS issued a public call for offers for 15,000 ordinary shares it owns in Nucleus. The closing date for the submission of bids was October 8. Four bids were received.
An offer evaluation committee chaired by the Privatisation Unit and composed of representatives of MITTS and the Ministry for Infrastructure, Transport and Communications was set up to make the recommendations to the Board of Directors of MITTS Ltd. The highest offer was submitted by Philip Toledo Ltd.
Commenting on the completion of this transaction, Dr Gatt expressed his satisfaction at the fact that in completing its withdrawal from Nucleus, MITTS Ltd managed to attain an excellent price for its equity.
Dr Gatt added that "in its transition into the Malta Information Technology Agency, MITTS Ltd will now focus on enabling the local public and private ICT education players to work together in a strong synergy offering next generation training opportunities for Maltese students aspiring to be active players in our growing ICT industry".
Following the Cabinet's consent of the recommendation made by Austin Gatt, the Minister for Infrastructure, Transport and Communications, MITTS issued a public call for offers for 15,000 ordinary shares it owns in Nucleus. The closing date for the submission of bids was October 8. Four bids were received.
An offer evaluation committee chaired by the Privatisation Unit and composed of representatives of MITTS and the Ministry for Infrastructure, Transport and Communications was set up to make the recommendations to the Board of Directors of MITTS Ltd. The highest offer was submitted by Philip Toledo Ltd.
Commenting on the completion of this transaction, Dr Gatt expressed his satisfaction at the fact that in completing its withdrawal from Nucleus, MITTS Ltd managed to attain an excellent price for its equity.
Dr Gatt added that "in its transition into the Malta Information Technology Agency, MITTS Ltd will now focus on enabling the local public and private ICT education players to work together in a strong synergy offering next generation training opportunities for Maltese students aspiring to be active players in our growing ICT industry".