Malta was a relatively late convert to privatisation programmes, yet, a good number of public entities were successfully privatised from the late 90’s to date. They included major industrial operations, such as the Malta Drydocks, several enterprises in the manufacturing sector and general Government services. While privatisations have principally taken the form of asset sales or share allotments, some were management concessions or long term property grants.
Privatisations constitute choice projects for law firms in Malta, in which GANADO participated extensively and from the very start, acting as legal counsel for Government’s Privatisation Unit in some cases and for private investors in others. We advised HSBC in its acquisition of Mid-Med Bank and assisted with the privatisation of Enemalta’s Petroleum Division, MOBC, Malta International Airport, and more recently, two large yacht marinas, to name but a few. While privatisations are much less relevant as sources of new work today than they were a decade ago, residual sectors of Government ownership still hold out.
Our early exposure to privatisation work enhanced our expertise and preparedness for large project work generally. Drawing on these reserves of knowledge and experience, we have acted in relation to several start-ups (such as the establishment of local pharmaceutical production facilities) and touristic projects. More recently, we assisted with several large projects for Enemalta Corporation (the country’s single electricity generator, distributor and supplier), one of which involved us in some aspects of the financing of the Malta-Sicily interconnector project and another, much more extensively, in the asset restructuring (principally, the sale and leaseback of properties used for the generation and distribution of electrical power through the use of an SPV) and the financial reprogramming of a portion of the Corporation’s debt portfolio.