The Malta Maritime Authority (MMA) has signed a thirty-year contract with Valletta Gateway Terminals Limited who will be responsible for managing cargo handling at the Grand Harbour.
The port signing contract also sees the guaranteed employment of all cargo handlers who currently manage cargo handling at the Grand Harbour, following government negotiations.
The group is made up of Portek Group (Singapore) and TF Shipping Agencies Limited, a subsidy company of the local Tumas Group. Portek Ports (Mauritius) Ltd. will have 55 per cent of the shares while TF Shipping Agencies Ltd. will have 45 per cent.
This new company will be investing more than LM5.2 million in port infrastructure necessary at the Grand Harbour and will be paying an annual rent of LM350,000 and also a throughput charge of 2% on the company’s revenue from the cargo volume to the Malta Maritime Authority. The consortium will also contribute to the sum of LM500,000 for the necessary works on the Deep Water Quay at Marsa. The consortium also plans to establish the Grand Harbour as a logistic port for cargo at the centre of the Mediterranean.
The contract was signed by Marc Bonello (MMA chairman) and George Fenech u Choon Seng Lam on behalf of Valletta Gateway Terminals.
Minister Censu Galea who was present during the signing of the contract expressed his satisfaction about the transparency behind the selection of the consortium and stated that this choice will lead to garner more work at the Grand Harbour.
See also:
Consortium chosen for cargo handling at Port
By MaltaMedia News - May 29, 2006, 18:44 CET
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