A Turkish investment firm specialised in port management was yesterday poised to purchase a 31 per cent stake in the Valletta Cruise Port terminal.

Global Investment Holdings is expected to buy the shares held by Malta International Airport, Bank of Valletta and FSG Limited (Farsons and Salvo Grima Group).

It was the three Maltese companies that announced the joint sale to GIH in separate statements on the Malta Stock Exchange.

GIH has shares in seven major cruise ports across Europe, with footholds in Barcelona, Lisbon and Antalya, among others.

Valletta Cruise Port chairman Joe Zammit Tabona yesterday described the move as “strategic” given the Turkish firm’s significant expertise in the sector.

“This deal hasn’t gone through yet but if it does it could be very beneficial for VCP. This is a major player in the industry that could offer a lot,” he said.

For the past 11 years, the Turkish company has operated a successful marine terminal subsidiary specialised in commercial port operations. It handles some 4.2 million passengers every year and is also involved in bulk and general cargo handling.

In its statement, MIA justified the sale on the basis that it wanted to concentrate on its core business. Its CEO, Alan Borg, described the sale as strategic. “This allows us to shed non-core investments and focus on our core activities of running the airport,” he said.

Back when the airport had invested in the cruise liner terminal, the move was hailed a strategic investment to encourage cruise passengers to fly to Malta and then start a cruise from Valletta.

Asked if MIA’s departure meant that the home porting service had failed, Mr Zammit Tabona argued the contrary. “I think MIA selling may make sense for them but it had nothing to do with home porting. This was quite successful,” he said.

Mr Zammit Tabona said about 100,000 passengers arrived via this system every year and a new deal could see this double by 2017.

A statement by BOV described the move as “opportune” for the bank to pass on the shares.