The Energy Ministry will be replacing Malta Enterprise as shareholder in IEG Malta Ltd.
The government said in a statement this morning the handover will ensure that the implementation of this initiative was aligned to Malta’s strategy to become an important Mediterranean energy trading hub between Europe and Asia.
IEG was formed in May between the Malta Enterprise and New Silkroutes Group (Europe) Limited.
On November 5, a board resolution was passed to facilitate the transfer of the 10 per cent stake held by Malta Enterprise in IEG to the ministry.
The ministry is now represented on the IEG board through the permanent secretary, who will replace the chairman of Malta Enterprise.
New Silkroutes also announced the change of ownership of New Silkroutes Group (Europe) Limited from International Energy Group Pte Ltd (“IEGPL”) to the group.
The group intends to acquire all the issued and paid up share capital of New Silkroutes Group (Europe) Limited from IEGPL for a consideration of $1 million.
The group said that its investment in IEG will be funded by internal resources.
The paid-up capital of IEG has also been increased to $1 million with each shareholder namely, New Silkroutes Group (Europe) Limited and the ministry, contributing proportional amounts of capital to maintain their respective percentage shareholdings in IEG.