No New Owner Yet for Malta's Superyacht Repair Facility
The task of finding a new owner for the Malta Shipyards Ltd's super yacht facility has hit yet another brick wall now that bidders have been asked to submit fresh proposals because, according to local newspaper reports, earlier offers were considered unsatisfactory.
The Islands government informed of bidders yesterday of their decision saying that, after considering the submitted proposals and following clarification meetings, none of the plans were found to be satisfactory.
The process for the privatisation of the shipyards started in the middle of 2008 and included an early retirement scheme, taken up by almost all its workers. It has seen the facilities of Malta Shipyards divided into four units: the ship repair yard in Cospicua, the former Marsa shipbuilding yard, the super yachts facility in Cospicua and Manoel Island Yacht Yard.
A total of 14 bids were received, of which three were for the ship repair facilities, five for Malta Super Yachts Facility, three for the shipbuilding facilities and three for Manoel Island Yacht Yard.
Preferred bidders had already been selected for the Marsa yard and the Manoel Island facility at the beginning of summer.
