PRIVATIZZAZZJONI TA' L-OPERAT TAL-PORT HIELES: HATRA TA' KONSULENT FINANZJARJU

PRIVATIZZAZZJONI TA' L-OPERAT TAL-PORT HIELES: HATRA TA' KONSULENT FINANZJARJU

Kif kien imhabbar fis-7 ta' April il-Gvern ghandu l-hsieb li jipprivatizza l-operat tal-Port Hieles sa l-ahhar ta' din is-sena.

Ghal dan il-ghan f'Jannar gie mahtur Kumitat biex jesplora l-ahjar metodu ta' kif dan l-ezercizzju ghandu jsir. Il-Kumitat hu kompost mis-Sur Emanuel Ellul, Chairman, is-Sur Edwin Muscat, Direttur Generali fil-Ministeru tal-Finanzi u s-Sur Reynold Portelli, Group Treasurer fil-Malta Freeport Corporation. Ftit gimghat wara li gie mwaqqaf dan il-Kumitat bl-ghajnuna ta' esperti mill-Bank Dinji, il-Kumitat beda x-xoghol biex jghazel Konsulent Finanzjarju biex jghin fil-process necessarju biex tkun tista' ssehh il-privatizzazzjoni ta' l-operat tal-Port Hieles.

Ghal bidu ta' Frar il-Kumitat stieden disa' istituzzjonijiet finanzjarji internazzjonali biex jibghatu proposti kif jistghu jghatu dan s-servizz. Wara li l-Kumitat evalwa l-proposti ddecieda li jmur ikellem lir-rapprezentanti ta' seba' istituzzjonijiet. Fost dawn kien hemm wahda li ma bghatix proposta ghax fl-opinjoni ta' din l-istituzzjoni ma kienx iz-zmien propizju biex jigi privatizzat dan l-operat. Din l-istituzzjoni temmen li l-prezz li jista' jigi offrut ma jkunx attraenti. Il-Kumitat xorta talab biex jisma' l-veduti ta' din l-istituzzjoni. Is-sitt istituzzjonijiet l-ohra kollha kellhom veduti kompletament opposti u sostnew li dan kien iz-zmien opportun li fih ghandha ssir din il-privatizzazzjoni. Wara li sema' l-prezentazzjoni ta' dawn is-seba' istituzzjonijiet il-Kumitat ghazel tnejn biex jinnegozja maghhom. Il-Kumitat issa ghazel wahda minn dawn u wkoll iffinalizza l-abbozz tal-ftehim.

Fuq rakkomandazzjoni unanima ta' dan il-Kumitat il-Gvern accetta li japponta bhala konsulent konsorzju kompost mid-ditta internazzjonali ta' Avukati Clifford Chance LLP, id-ditta Drewry li tispecjalizza fil-portijiet u shipping; u l-istituzzjoni finanzjarja Credit Suisse First Boston li tikappeggja l-konsorzju. L-Accountants u l-Awdituri ghal dan l-ezercizzju huma d-ditta ta' Arthur Anderson.

English version follows../…

FREEPORT OPERATIONS PRIVATISATION: APPOINTMENT OF A FINANCIAL ADVISOR

As already announced, the Government intends to privatise the Malta Freeport operations before the end of this year. To achieve this aim an ad-hoc Committee was set up in January.

This Committee is chaired by Mr Emanuel Ellul, and two other members, Mr Edwin Muscat, Director General – Ministry of Finance and Mr Reynold Portelli, Group Treasurer – Malta Freeport Corporation.

After a few weeks of preliminary work, on the advice of World Bank experts the Committee set out to appoint a Financial Advisor to help it identify the best approach to privatise and also assist in the whole process of the exercise.

Early in February, nine reputable international financial institutions were invited to submit proposals to provide the required service. After an evaluation of the proposals the Committee attended for viva-voce presentations and discussions with seven of these institutions. One of these institutions believed that this privatisation process should be stalled, because according to their reckoning there might not be an attractive enough financial offer. All the other institutions expressed a totally different opinion and said that this is the opportune moment for the privatisation of Malta Freeport. After careful evaluation, the Committee short-listed two of these institutions and following further negotiations an agreement is now finalised.

On the unanimous recommendation of this Committee, the Government agreed to appoint as advisor a consortium composed of the international law firm Clifford Chance LLP, Drewry Shipping Consultants and Credit Suisse First Boston as the lead advisor. The Accountants and Auditors for this exercise are Arthur Anderson.