Attard & Co Ltd has set up joint ventures with IAG-Pacific Group Pte Ltd and Six Capital Pte Ltd to facilitate the companies’ corporate ambitions in Europe and the Mediterranean in the energy and financial/treasury sectors.
The joint ventures were launched today in the presence of Prime Minister Joseph Muscat.
The objective of the co-operation covers the wholesale and retail trading of commodity/petrochemical products, and the development of foreign exchange training and trading in Malta.
Luciano Mule' Stagno, Chairman, Attard & Co Ltd, said the Maltese group had a long and established history and diverse portfolio of services and it was strategically positioned to support and add value to this venture.
"We look forward to a long and mutually beneficial relationship with both companies."
IAG’s Chairman and Executive Director Goh Jin Hian added: “Pending the approval of the Singapore-EU FTA and the Partnership and Cooperation Agreement (PCA), we have gone ahead to establish a presence in the EU via Malta as our preferred gateway in the Mediterranean owing to its geo-political location and proximity to mainland Europe, North Africa and the Middle East. Malta has an island-economy much like Singapore and Hong Kong with little natural resources and a dependency on intellect and investment capital. I believe that Malta has the potential to punch well above its weight class.”
IAG said it was establishing IAG-Pacific Group (Malta) Co. Ltd with ACO to address the needs of its various stakeholders including sovereign governments, the private sector oil & gas providers and market lead-steers who wisedh to open channels for a proposed Euro-Asian platform for oil trades.
Separately, SixCap intends to incorporate SIXCAP Financial Group Co., Ltd for the development of Malta into a Centre of Excellence for FX training and trading for Southern Europe and North Africa and place suitable candidates into employment at SixCap’s Utility Trading Centres across the People’s Republic of China, India and the emerging markets in Asia.
SixCap’s Founder and Chief Dealer, Patrick Teng, said his vision was to create future jobs worldwide by empowering passionate individuals with a life-skill in FX trading to earn a life-long income.
"In Asia, we have just embarked on a two-year partnership with Dow Jones’ Wall Street Journal Asia, in the Future Leadership Programme, to train (via eLearning) 100,000 trainees from universities of the emerging markets.
"We plan for Malta to be our operational base to train FX Dealers from Southern Europe and North Africa region and then place into employment at Six Capital’s Utility Trading Centre in Shanghai and into the dealing rooms of banks in China; so as to contribute towards the financial sector liberalisation of China.
"We also plan for Malta to receive and train finance graduates from China & India; at Six Capital’s Utility Trading Centre in Malta, which we plan to establish in collaboration with our local partner Attard & Co.“
Both IAG and SixCap are headquartered out of Singapore – Asia’s largest oil trading hub and the world’s third largest FX center after London and New York, with a daily clearing volume of USD388 billion.