15 May 2004

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P&O to take over Freeport management

A P&O subsidiary is expected to take over the management of Malta Freeport in the coming days once the privatisation negotiations with CMA/CGM are over, The Malta Financial and Business Times can reveal.
At present the government is negotiating with CMA/CGM over the sale of Malta Freeport, which is expected to be concluded in the coming days. The agreement will require the buyer to engage an international port operator to manage the port.
Public Investments Minister Austin Gatt yesterday confirmed with this newspaper that CMA/CGM will be engaging P&O’s subsidiary port operating company, Port Synergies, for the management of operations.
On Monday Gatt told Parliament that the government had continually made it clear that whoever won the concession to operate Malta Freeport will need to provide a common user facility. He added that the company with which the talks were being held would have to take on an international port operator to manage the port.
Both CMA/CGM and P&O have been two of Freeport’s main clients over the last years.

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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