Italian businessman requests letter of intent

Novacom Director, Giorgio Petricich is still currently in Malta trying to push ahead with his Price Club offer, even though the supermarket chain’s creditor have filed a court case for it to be liquidated.

Mr Petricich still believes that he can give the necessary guarantees to the creditors that they will receive some of what they are owed. The creditors filed the court case last Friday after growing impatient of waiting for the guarantee.

Mr Petricich has now told his Maltese counterparts that he needs a letter of intent from the Price Club owners which will enable him to get his bank guarantees from Italy.

He is insisting that he wants to do business in Malta and is interested in buying out the Kordin Grain Terminal which is to be privatised soon, along with the Price Club.

The Italian businessman will leave Malta tomorrow and, if he manages to get some form of a document to show the banks in Italy, he is expected to be in Malta again next week.

The Price Club Directors and Mr Petricich are not worried about the fact that the creditors have filed an application in the courts for the liquidation of the Price Club Group because if the money is found then the application can probably be withdrawn.