Yacht Lift Malta has announced that Chris Pullicino and Roberta Garzia are to each take up a 33 per cent shareholding in the company, the latest development in negotiations surrounding its ownership as former CEO Captain Daniel Gatt prepares to exit the firm he co-founded.
In the previous announcement, made in August, Mr Pullicino and Ms Garzia were to split a 33 per cent shareholding while Daniel Debono was going to take a full third. The remaining shares, in both announced agreements, will be retained by Giuseppe Farrugia, who is currently an equal shareholder with Mr Gatt. The deal will therefore see Mr Gatt relinquish his entire 50 per cent shareholding while Mr Farrugia will divest a 16 per cent shareholding.
However, in a market update posted to the Malta Stock Exchange on Monday, Yacht Lift Malta said that Mr Debono will no longer be proceeding with the acquisition of one-third of the company’s shares.
Mr Farrugia will also take over as Director of Lift Operations, a role Mr Debono was previously slated to take, combining it with his existing role as Director of Sales. Mr Pullicino and Ms Garzia will become Director of Finance and Director of Administration, respectively, as was previously announced.
Mr Pullicino Ms Garzia are also respectively Director and CEO of Total Management Solutions, which bills itself as a “one-stop solutions for core business needs”.
Yacht Lift Malta states that “this strategic realignment of ownership reflects the company’s commitment to its future growth and success.”
It added that the appointments demonstrate its “dedication to bolstering its leadership and operational capabilities.”
The company said it is actively working to meet all necessary regulatory requirements to facilitate the smooth transition of these changes. Further updates and developments regarding the transaction will be communicated in a timely manner.
About Yacht Lift Malta
Yacht Lift Malta operates a floating dry dock platform known as a yacht lift, a “unique and revolutionary” floating dry dock service developed and patented by Welcome Inn, advertised as being cheaper and more time-efficient than other services. It also enjoys the flexibility of being able to be transported to multiple locations in order to carry out its services.
It has faced numerous difficulties since it was established, with the yacht lift coming into operation in 2021. It currently has over €1.7 million in retained losses, and is forecast to post a €465,000 loss in 2023, with revenues of €139,000 failing to cover €140,000 in finance costs on a 5.5 per cent €2 million bond issue.
However, the latest projections assume a 320 per cent increase in turnover from October to December 2023 when compared to the same period of 2022, potentially indicating the beginning of a turnaround.
