Virtu Holdings Ltd and LTV Developments Ltd have made an offer to Malta Maritime Hub’s ultimate beneficial owner, Paul Abela, to take a controlling 70 per cent stake in the maritime, oil and gas servicing company.

Virtu operates what is currently the sole ferry link between Malta and Sicily, as well as a fast ferry between Valletta and Gozo, while LTV Developments wholly owned by Francis Busuttil & Sons, one of Malta’s leading food distributors.

Site of Malta Maritime Hub

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.

MMH has requested authorisation for the transaction to proceed from the local competent authorities, in line with its obligations arising from a public deed signed in 2016 concerning the transfer by temporary emphyteusis of the site in Grand Harbour, Marsa, today known as the Mediterranean Maritime Hub.

The site formerly housed Marsa Shipbuilding, before being taken over by Ablecare as a concession in 2016.

The transaction described therefore remains subject to the the required approvals being issued and the transaction becoming unconditional.