Air Malta said today that it has successfully concluded the sale of its UK based tour
operator subsidiary, Holiday Malta Limited to the SMS Group of Companies. The transaction, which had already been announced, was finalised following the approval received from regulatory authorities.

The airline said it is also on track for the sale of its package holiday division, Flyaway Tours. It has now chosen a preferred bidder with which it is starting discussions.

Other transactions are moving ahead including the sale of Selmun Palace Hotel where the re-appraisal of the short-listed companies interested in this sale is expected at the end of this month."

The airline said it is continuing with its wide-ranging restructuring process and
meeting its obligations as part of the EU approved restructuring plan.

"In all sale transactions we have followed a robust and rigorous process of competitive bidding, to ensure the highest levels of corporate governance whilst maximising revenue for the airline", commented Peter Davies,
Chief Executive.

"Air Malta's multi-faceted restructuring exercise is progressing well with several major projects being concluded and giving results. We are currently finalising our second quarter figures (July-September) which will be announced in the coming days and through which the public can continue monitoring the progress the airline is achieving."