Ferry operator Virtu Holdings and LTV Developments Ltd, a subsidiary of leading food distributor Francis Busuttil & Sons, are one step closer to completing their buyout of a 70 per cent stake in Malta Maritime Hub (MMH)

In a recent corporate update filed at the Malta Stock Exchange, MMH said it “notes its satisfaction” that the share purchase agreement “has just been concluded”.

It said it “looks forward to completing the transaction once all the conditions precedent have been fulfilled and the [necessary] approvals have been obtained.”

The conditions include the issuing of all necessary authorisations for the transaction to proceed from the local competent authorities, in line with the MMH’s obligations arising from its temporary emphyteusis of the site formerly housing Marsa Shipbuilding – today the MMH premises.

In April, MMH announced that Virtu Holdings Ltd and LTV Developments Ltd have made an offer to its ultimate beneficial owner, Paul Abela, to take a controlling 70 per cent stake in the maritime, oil and gas servicing company.

The two companies have proposed to either take on a 70 per cent shareholding in Malta Maritime Hub following completion of a restructuring pursuant to which a new operating company incorporated which will take over the operations of the group, or a 70 per cent shareholding in any newly incorporated company/ies which take over all or a substantial part of the operations, business, assets and activities of the MMH Group.