26 October 2005

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Business Today

GRTU welcomes Sea Malta sale

The Chamber for Small Enterprises, GRTU has lauded the privatisation of Sea Malta to Italian shipping giant Grimaldi insisting that shipping services cannot be guaranteed by companies that are in financial difficulties and who depend on state subsidies to stay afloat.
“The situation that has emerged in Sea Malta indicated most obviously that privatisation is the best solution,” the GRTU said yesterday.
“GRTU notes with satisfaction that the chosen strategic partner, Grimaldi Compagnia di Navigazione, is an excellent choice that augurs well for a good future for commerce and industry.
“GRTU has supported government’s drive to seek the right privitisation solution. From discussions GRTU had with Dott. Emanuele Grimaldi, Managing Director of Atlantica SPA di Navigazione and with Dott. Gianluca Grimaldi, Managing Director of Grimaldi SPA and Ernest Sullivan designate head of Sea Malta after privatisation, GRTU is satisfied that the Grimaldi Group is committed not only to provide Maltese commerce and industry with enhanced and expanded shipping services at more competitive tariff rates, but also that Grimaldi would provide an important additional boost to Malta’s ambition to return to its traditional vocation as an important shipping port in the centre of the Mediterranean,” the GRTU said.
The GRTU believes that these ambitions and the resultant economic advantages can only be achieved through Malta’s successful attraction of significant strategic partners in those areas that are essential for economic survival.
“The Sea Malta privatisation solution carries GRTU’s approval as GRTU believes that ownership of important infrastructural services is not the most important factor as it makes no difference whether ownership is private or public, the importance is that an enterprise is managed well and is financially sound. The more important role is that of the public regulator who, on behalf of the public and the commercial community is responsible to ensure that the public interest is safeguarded,” the GRTU statement concluded.

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