The supermarket chain is expected to employ around 400 people and this move is expected to give a massive boost to the economy.

The Italian company is waiting for the banks to approve the deal which is expected in the coming weeks. Sources close to the banking sector say that the offer from the Italian company is a very serious deal and the fact that that Novacom will immediately pay Lm4.3 to it’s creditors have given a boost to the image of the company.

Mr Giorgio Petricich was in Malta last week to seal other important deals in order to re-open the company.

The Italian Company has agreed to buy 84 per cent stake of the company and after discussions with creditors and lawyers, it is expected that the Government will issue a legal notice about the deal very soon.

This may mean harsh criticism from the GRTU who oppose the deal. The GRTU believes that foreign intervention was rated favourable in the tourist industry, in export and even in updating ourselves with new technology but it is definitely not required in the retailing or whole-sailing market.

As reported last week in The Malta Financial and Business Times 195 out of the 200 creditors had agreed with the deal and that the LM4.3 million being paid out to them is half of what the company owes to the creditors. The other half will be paid in a year’s time.

All Price Club Supermarkets, at Burmarrad, Swatar, Naxxar, Birkirkara, Paola, Marsa and Attard are expected re-open for the public in November.

The applications for jobs at the Price Club will be advertised in the media in the coming weeks.