New se­nior ap­point­ments at Glob­alCap­i­tal ahead of fur­ther growth

Malta Independent - - BUSINESS & FINANCE -

Glob­alCap­i­tal plc has an­nounced the ap­point­ment of new chief of­fi­cers and a new mem­ber on the Ex­ec­u­tive Com­mit­tee of Man­age­ment to sus­tain the Group’s con­sol­i­da­tion in its in­sur­ance business and in prepa­ra­tion for the fur­ther growth ex­pected from pro­jected ex­pan­sion into new business ar­eas.

Shawn Bezzina, cur­rently the Group’s Fi­nan­cial Con­troller, has been ap­pointed Chief Fi­nan­cial Of­fi­cer (CFO) and Paul Said, who is cur­rently the Group Oper­a­tions Man­ager, has been ap­pointed Chief Oper­a­tions Of­fi­cer (COO).

Jonathan Camil­leri, Life In­sur­ance Oper­a­tions Man­ager, will sit on the Ex­ec­u­tive Com­mit­tee of Man­age­ment (ExCom). All ap­point­ments came into ef­fect on 31 Au­gust.

Group Chief Ex­ec­u­tive Of­fi­cer and Ex­ec­u­tive Di­rec­tor Reuben Zam­mit de­scribed these new se­nior ap­point­ments as another step in the right di­rec­tion to­wards fur­ther op­er­a­tional and per­for­mance con­sol­i­da­tion in the Group’s core business of in­sur­ance. “Shawn, Paul and Jonathan bring a wealth of ex­pe­ri­ence, com­pe­tence and knowl­edge in their re­spec­tive ar­eas of spe­cial­iza­tion. Their re­spec­tive in­put and hard work over many years at Glob­alCap­i­tal have con­tributed to the Group’s suc­cess­ful turn­around that has taken place since mid 2014. The Group is now po­si­tion­ing it­self for fur­ther growth and more suc­cess and these ap­point­ments re­flect our am­bi­tion to de­liver more value to our share­hold­ers and clients through ex­ist­ing and new business lines,” Mr Zam­mit said.

The Group’s Ex­ec­u­tive Com­mit­tee of Man­age­ment is chaired by Chief Ex­ec­u­tive Of­fi­cer Reuben Zam­mit and con­sists of the Chief Fi­nan­cial Of­fi­cer, Chief Oper­a­tions Of­fi­cer and the Life In­sur­ance Man­ager.

Con­sec­u­tive prof­itable re­sults

Since start­ing its turn­around strat­egy two years ago, Glob­alCap­i­tal has posted four con­sec­u­tive pos­i­tive and prof­itable re­sults, on the back of a bet­ter op­er­a­tional per­for­mance, in­creased rev­enues from core business lines and a healthy cap­i­tal­iza­tion through a Rights’ Is­sue and the re­pay­ment of a bond that ma­tured in June 2016.

In their lat­est In­terim Report to the mar­ket pub­lished on the Malta Stock Ex­change, the di­rec­tors of Glob­alCap­i­tal re­ported €1,878,526 in pre-tax earn­ings for the first six months of the cur­rent fi­nan­cial year end­ing on 30th June, com­pared to a profit be­fore tax of €1,176,197 re­ported in the cor­re­spond­ing pe­riod of 2015.

The di­rec­tors also re­ported that fol­low­ing the re­pay­ment of the bond and the cap­i­tal­iza­tion of the Group, there no longer are ma­te­rial un­cer­tain­ties that may cast sig­nif­i­cant doubt about the com­pany’s abil­ity to con­tinue as a go­ing con­cern. The Group has also re-af­firmed its in­ten­tions to de­velop new business lines through pass­port­ing of unit-linked prod­ucts in other Euro­pean ter­ri­to­ries.

The Glob­alCap­i­tal Ex­ec­u­tive Man­age­ment Com­mit­tee (from left to right) Reuben Zam­mit (Group CEO and Ex­ec­u­tive Di­rec­tor), Shawn Bezzina (CFO), Jonathan Camil­leri (Life Oper­a­tions Man­ager) and Paul Said (COO)

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