The Mediterranean Maritime Hub Finance plc has started trading on the Malta Stock Exchange after last month’s issue of €15 million in unsecured bonds was oversubscribed before its official closure.
The hub will be located on the site of the former Marsa Shipbuilding
The funds will be used to develop the Mediterranean Maritime Hub into a service centre for the marine, oil and gas industry. The hub will be located on the circa 170,000-square-metre site of the former Marsa Shipbuilding, which was taken over by Ablecare Oilfield Services Holdings earlier this year, after it won a competitive bid by the government. The land was leased for 65 years, and the company plans to develop the hub with an investment of around €50 million over the next 10 years.
The oil and gas industry in the Mediterranean has a desperate need for assured project delivery on timing, cost, safety and quality, right across a broad spectrum of activity, and the hub is focusing on achieving just this.
“This success gives us great satisfaction; it is a clear indication of the strong reputation our company enjoys,” MMH CEO Stephen Colville said. “The hub will be providing availability, predictability, reliability and repeatability through a number of unique selling points, mainly that everything is located in one place operating in a free trade zone,” he added.