Confirmed: BoV chairman to head
Government yesterday officially announced that BOV chairman Joseph F.X.
Zahra is to be appointed chairman of Maltacom on Friday during the Groups
annual general meeting.
Along with Zahras appointment, government also announced the names
of four new directors chosen to represent governments interests
on the board of directors.
The new directors are GRTU director general Vince Farrugia, Sonny Portelli,
who has an extensive background in the tourism sector, Salvu Sciberras,
who was director of the Foundation for Medical Services and Alex Tranter,
the president of the Chamber of Engineers.
Informed sources told The Malta Financial and Business Times yesterday
that for a while Zahra will be heading both Maltacom and Bank of Valletta.
It is widely expected that Zahra would eventually let go of the banks
Zahra will be replacing Maurice Zarb Adami who has been at Maltacoms
helm since 1999.
The BOV chairman takes over at Maltacom at a time when the company is
facing a stiff challenge from competitors owing to the liberalisation
of the market. However, Zahra is no stranger to competition.
Soon after Zahra took over at BOV, the banks main rival, Mid Med
Bank was sold to HSBC. Despite the challenge of having a global player
competing in the banking sector, BOV still maintained its market share
and expanded its operations abroad.
The Maltacom Group has steadily diversified its portfolio over recent
years and is the single largest communications company in Malta - branching
out into mobile and fixed line telephony, Internet connectivity including
high speed access and web content provision. The Group also intends
extending its reach into television services in the future.