The late Tumas Fenech was one of the great entrepreneurs. His career coincided with the modernisation of Malta's economy which started in the '60s.

The last 40 years saw the emergence of a number of entrepreneurs who gave rise to firms which today hold substantial assets and are major contributors to the economy. The Tumas Group is today one of the largest entities.

There were a number of reasons for the emergence of Maltese entrepreneurs during these last decades. There was first the sense of "Maltese empowerment" which came with greater independence and the recognition of the need to build a commercial rather than a military economy. Educational levels increased, perhaps not so much in the sense of schooling, but communication and travel outside the country opened the minds of active persons to the possibilities on offer.

Banks became more active and wider participants in business. Deposits grew rapidly and there was money to lend. Younger bankers, and (ironically) shocks to the ownership structures of banks, led to the financing of new projects. Lending got bolder, at least so far as amounts were concerned.

There was the growth of new export industries, notably tourism and textiles, which not only led to substantial direct foreign earnings but had a huge multiplier effect on property, construction, furniture-making, and other industries.

In recent years, also, a second wave of modernisation came about through the huge injection of market-orientated strategies, greater focus on individual effort, and substantial government spending.

No doubt, as the study of entrepreneurship and leadership develops in Malta, as it has done abroad, there would be more analysis and study of the factors which led to the emergence and success of these, mostly family-orientated, groups. Such studies are sorely needed because, in an island economy, the factors which make for success may be shaded differently from those which apply in bigger countries.

On another level, I do not think such persons have been sufficiently recognised by Maltese society. There is a general sort of feeling that a person is in business for his own good and that society does not owe him or her any sort of further recognition or reward. It is as if what such a person gets out of business is enough. Members of the professions get a slightly better treatment, but not by much.

True, many businesspersons and professionals care little for the type of honours which others covet. But I feel their treatment by society should be much better.

I see people from other classes, who are not supposed to have made any money or anything from what they do, get heaped with honours while businesspersons who have worked all hours, taken risks, paid taxes, put up with bureaucracy, sponsored numerous causes, employed people, taken far-sighted decisions and generally made things happen in spite of all the things thrown at them, never as much as get a symbolic "thank you" from the nation they served. Most are lucky to get a decent obituary.

The late Tumas Fenech was one of the epitomes of this period in Malta's history. I knew him in his later years but met him a number of times, here and there. He always seemed to be in good spirits, with an intelligent glint in his eyes, interested in many things, far-seeing, very alert.

As his career shows, he liked to deal in various things and buy property for keeps. He and his eldest son George were among the first to invest in tourism and the group now controls some 15 per cent of rooms, including those at the Hilton.

The Tumas Group had a turnover of Lm34 million in 2001 and, as at the end of 2000, had net assets of Lm27 million. It employs around one thousand people in three business areas. All Tumas's children are involved in running the business under the leadership of their eldest brother George.

There is the hospitality, leisure and tourism operations which comprise The Hilton, L-Imgarr Hotel (Gozo), The New Dolmen Hotel, Topaz Aparthotel, The Halland, and the Oracle Casino. Secondly, there are retail operations with the group being the agent and distributor of Kia Motors, San Motors, and IMCO Distributors. Importantly, the group has extensive property trading, leasing and developments interests, including the Portomaso Project.

The Portomaso Project was spearheaded and motivated by George Fenech. It is one of the major property development ever to take place in Malta. The project combines high standards, the imaginative use of space, tasteful design, and the seamless blending of residential with commercial and service areas. Construction started in 1996 and is expected to be finished by early next year.

The Portomaso Project comprises the Hilton Malta, residential apartments, the business tower, commercial areas, car parking facilities and the marina.

The five-star Hilton Malta has 294 rooms and has had 70 per cent and 77 per cent occupancy in 2000 and 2001 respectively. The hotel complex includes conference facilities, a modern health centre, theme restaurants, banquet halls, indoor and outside pools, and a beach club.

The project has 338 apartments of which 183 have been sold. The directors expect to sell the remaining apartments by early 2005. Overseas buyers bought around 60 per cent of the apartments.

The business tower consists of 26 office suites spread over 23 storeys. The management of the business tower and the common areas remain in the hands of Spinola Development Company Limited, a Group subsidiary, in order to ensure the maintenance of standards. Around half the office space has been sold while half has been retained by the Group for leasing.

Once completed, the Portomaso Project will comprise retail, catering and other outlets with a total area of 9,011 square metres. There are parking facilities for 1,900 cars and 115 berths.

Tumas Investments plc, the finance subsidiary of Tumas Group Company Limited, has issued Lm4 million bonds with a coupon of 6.7 per cent. There is also an over-allotment option of an additional Lm3 million bonds. The bonds will be redeemed between 2010 and 2012. The bonds are guaranteed by Spinola Development Company Limited and underwritten by Bank of Valletta plc. Both Spinola Development Company and Tumas Investments are fully owned subsidiaries of Tumas Group.

The issue was opened on Thursday and closed on Friday as it was oversubscribed.

Application has been made to the Malta Stock Exchange to list the bonds. If listing is granted, investors may buy the bonds on the Exchange through the services of their stockbroker or financial intermediary.

Mr Paul V. Azzopardi of Azzopardi Stockbrokers Limited and Mr Franco Xuereb of BOV Stockbrokers Limited were sponsoring stockbrokers of the bond issue.