Italy’s Palumbo SpA has finally taken control of the Malta dockyard.
The privatisation deal, costing around EUR 68m ($83m), has been signed with Palumbo managing director Antonio Palumbo pledging to invest in the facility.
He says the intention is to exploit the yard’s potential and reverse its reputation for unreliability caused by management problems.
The agreement was signed with Malta’s finance minister, Tonio Fenech.
It
