Turkish company Global Liman Isletmeleri has acquired a majority stake in the cruise liner terminal.
This was confirmed by AX Holdings chairman Angelo Xuereb, who said that the Turkish company – a subsidiary of Global Yatirim Holdings – had acquired 55 per cent of the shares in Valletta Cruise Port.
Mr Xuereb was giving his reaction to Times of Malta in the wake of yesterday’s announcement that AX Holdings Ltd had significantly increased its own shareholding in the cruise company to 36.37 per cent.
Hong-Kong based businessman and Grand Hotel Excelsior owner Stuart Elliott now holds the re-maining eight per cent of shares.
This development followed the recent decision by FSG Co. Ltd, Malta International Airport and Bank of Valletta to sell their aggregate holdings in Valletta Cruise Port of 30.97 per cent.
The cruise terminal has huge potential and the company is doing well
However, Mr Xuereb noted that his company had seized the opportunity to increase its own interest in the cruise company, as it enjoyed the right of first refusal.
The other holders of ordinary shares, Perquisite Holdings, M. Demajo (Port Ventures) and Infrastructure World International, also exited the terminal company by selling their shares to the Turkish investor.
In his reaction, Mr Xuereb said that these changes would help to inject the investment needed to develop the terminal further.
Sources said the project needed an injection of about €40 million to develop the atrium, which is still being used as a car park, and the old power station, which was earmarked as a retail and entertainment space.
In addition, there is also the need for further realignment of the quays to allow more berthing flexibility.
“The cruise terminal has huge potential and the company is doing well. In view of this, part of the required investment will be directly raised from an injection of funds, and the rest from the profits,” Mr Xuereb said.
In the financial year ended November 30, 2014, the terminal company made €1.8 million profit before tax.
Apart from its newly-acquired majority stake in Valletta Cruise Port, the Turkish company also has interests in other major ports including Barcelona.
The operators of the terminal have a 65-year concession from the government, which started in 2002.