While the Economy Minister parties on, GO’s majority shareholder wants to pull out

Published: July 23, 2015 at 10:32am
If journalists want to know what the Minister for the Economy thinks about this bad news from Malta's leading telecoms provider, they'll find him at The Stable from around 5pm, though he might be staying away for now.

If journalists want to know what the Minister for the Economy thinks about this bad news from Malta’s leading telecoms provider, they’ll find him at The Stable from around 5pm, though he might be staying away for now.

While Chris Cardona, the Minister for the Economy, hangs around in a shady Valletta bar called The Stable from five o’clock in the afternoon with his chief of staff, and spends his ‘downtime’ trawling Medasia Playa and Frankie Grima’s new joint in Valletta, in between popping back to Tumas Group Silvan Fenech’s Portomaso flat for a quick kip and a shower, things are turning bad for communications network GO, formerly the state communications provider Maltacom.

GO’s majority shareholder, Emirates International Telecommunications (Malta) Ltd – a subsidiary of Dubai corporation Tecom Investments – has informed the board that it wants to sell its shareholding and pull out in the short term.

In line with requirements for companies listed on the Stock Exchange, GO has published a company announcement this morning.

Emirates International Telecommunications (Malta) owns 60% of GO plc.