18 SEPTEMBER 2002

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Gasan Group reorganisation sees creation of new holding company

The on-going process of re-organising the Gasan Group has undertaken has seen the formation of a new holding company, Gasan Group Limited.

The newly established company is now the ultimate holding company in a Group comprised of automotive businesses, a mechanical and engineering contracting business, substantial property investments, a finance company and other important investments, including material interests in GasanMamo Insurance and Melita Cable Limited.

The Group has also appointed two new non-executive Directors, Reggie Fava and Roderick Chalmers. Mr Fava is the Chairman of Chemimart and associated businesses and is currently President of the Chamber of Commerce. Mr Chalmers was, until September 2000, the Chairman of PricewaterhouseCoopers in the Asia Pacific region. He was for a number of years a non-executive director of the Securities and Futures Commission in Hong Kong, and a member of the Banking Advisory Committee.

The appointment of non-family, non-executive directors, is an important step in the re-organisation of the Group that was announced some months ago.

Group CEO and Chairman Joe Gasan explains, "These ongoing changes are fundamental to a new management structure and a new corporate governance culture that we will be fusing into our traditional values and our plans to remain at the forefront of Maltese business".

Mr Gasan went on to add that, "The management of the Group is being re-organised both in terms of its structure and in the way we will operate and focus on our core businesses from our new purpose-built Gasan Centre in Mriehel.

"The changes we are making are very exciting. We are privileged to have Reggie Fava and Roderick Chalmers on our main Board as independent non-executive directors. They will challenge management and ensure that the Group will embrace a forward – looking corporate governance culture that is key to a Group of this size and diversity in today’s market".

 



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Editor: Saviour Balzan
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