Fourteen applications for the purchase of Malta Shipyards had been made by noon today, when the call for offers closed.

Informed sources said the bids were submitted by companies in Europe and Asia.

The offers are for various parts of the shipyards - ship repair (three offers), Malta Superyachts (five offers), ship building (three offers) and the yacht yard (three offers), but not for the company as a whole.

The offers will now be assessed by the Privatisation Unit which will shortlist them and select the preferred bidders, with whom talks will start.

The process for the privatisation of the shipyards started in the middle of last year and included an early retirement scheme which was taken up by almost all the workers at Malta Shipyards.

Finance Minister Tonio Fenech said the government was satisfied that 14 offers had been submitted.

He said the government felt it should not be involved directly in commercial enterprises for which the private sector was better suited. He said that all privatisation exercises carried out so far had achieved positive results because the private sector was able to invest more and create additional jobs.