The privatisation of the Malta Stock Exchange is unlikely to go ahead according to its original timeframe. Finance Minister Tonio Fenech told The Times Business that no decision on the way forward for the exchange had yet been taken.
The future strategy for the exchange, including its possible privatisation, was meant to be decided upon by the end of this month, but this now seems unlikely due to the global economic climate.
"At this stage no decisions to privatise (the Malta Stock Exchange) have been taken and one also needs to appreciate that market conditions are not conducive towards attracting the best interest," Mr Fenech said.
Mr Fenech said the government is at the moment carrying out a strategic review to assess the best way forward towards developing the exchange "in the light of the 2015 vision of making Malta a leading financial services centre in the region".
He added: "This may eventually lead to some sort of participation from the private sector although
initial results show that any such participation needs to be linked to the exchange growth opportunities this would offer". Mr Fenech said one opportunity would be for the MSE to better utilise its regional position as a member of the EU and close to the North African markets.
During his budget speech last November Finance Minister Tonio Fenech announced that the government was seeking a strategic partner for the Malta Stock Exchange.
Shortly after the budget MSE chairman Joe Zammit Tabona had told The Times Business: "By the end of January we will have a strategy in place. Then it will be up to the government to take the decision that they are after". Mr Zammit Tabona had said he was in favour of the Malta Stock Exchange being privatised because he believed it will be beneficial for Malta to be associated with an international name.
In December 2006 the Cabinet approved the privatisation of the Malta Stock Exchange in principle. Maltese stockbrokers have in the past spoken out in favour of the privatisation of the exchange saying this would put Malta on the world's financial map and boost its image.
According to sources a report on the way forward for the Malta Stock Exchange was prepared by Ernst & Young Malta last week.
The future strategy for the exchange, including its possible privatisation, was meant to be decided upon by the end of this month, but this now seems unlikely due to the global economic climate.
"At this stage no decisions to privatise (the Malta Stock Exchange) have been taken and one also needs to appreciate that market conditions are not conducive towards attracting the best interest," Mr Fenech said.
Mr Fenech said the government is at the moment carrying out a strategic review to assess the best way forward towards developing the exchange "in the light of the 2015 vision of making Malta a leading financial services centre in the region".
He added: "This may eventually lead to some sort of participation from the private sector although
initial results show that any such participation needs to be linked to the exchange growth opportunities this would offer". Mr Fenech said one opportunity would be for the MSE to better utilise its regional position as a member of the EU and close to the North African markets.
During his budget speech last November Finance Minister Tonio Fenech announced that the government was seeking a strategic partner for the Malta Stock Exchange.
Shortly after the budget MSE chairman Joe Zammit Tabona had told The Times Business: "By the end of January we will have a strategy in place. Then it will be up to the government to take the decision that they are after". Mr Zammit Tabona had said he was in favour of the Malta Stock Exchange being privatised because he believed it will be beneficial for Malta to be associated with an international name.
In December 2006 the Cabinet approved the privatisation of the Malta Stock Exchange in principle. Maltese stockbrokers have in the past spoken out in favour of the privatisation of the exchange saying this would put Malta on the world's financial map and boost its image.
According to sources a report on the way forward for the Malta Stock Exchange was prepared by Ernst & Young Malta last week.