Econ­omy Min­istry con­firms WRDC is pre­ferred bid­der for White Rocks project

Malta Independent - - FRONT PAGE -

White Rocks De­vel­op­ment Com­pany, a con­sor­tium made up of a num­ber of local and for­eign com­pa­nies, is the pre­ferred bid­der for the re-de­vel­op­ment of White Rocks, a Min­istry for the Econ­omy spokesper­son con­firmed.

Back in May, The Malta In­de­pen­dent had quoted well-in­formed sources and re­vealed that WRDC are the pre­ferred bid­ders for the project. Speak­ing in Par­lia­ment on Mon­day, the Minister for the Econ­omy an­nounced that the gov­ern­ment had iden­ti­fied a pre­ferred bid­der for this project and that the process was be­ing car­ried out by the pri­vati­sa­tion divi­sion within the same min­istry. The name of the pre­ferred bid­der was con­firmed to The Malta In­de­pen­dent yes­ter­day.

Ac­cord­ing to Minister Car­dona, the project will in­clude the set­ting up of a tourist com­plex and a fives­tar ho­tel. Un­de­vel­oped ar­eas will not be in­cluded in the project and Natura 2000 prin­ci­ples will be re­spected. The project will also have re­tail out­lets which gen­er­ate jobs which are heav­ily de­pen­dent on eco­nomic trends and liq­uid­ity.

The pro­posed in­vest­ment by the con­sor­tium could reach as much as €200 mil­lion de­pend­ing on the for­mula agreed on be­tween the gov­ern­ment and the bid­ders.

The sources had said that the con­sor­tium is made up of: Lon­don & Re­gional Hold­ings, which in­cludes Liv­ing­stone Broth­ers (Richard and Ian Liv­ing­stone), with a net value as­set of the group of €5 bil­lion; Alpine Group, with MHRA Pres­i­dent Tony Zahra as one of its direc­tors; Bon­nici Broth­ers, which is a con­struc­tion com­pany owned by Emanuel Bon­nici, John Bon­nici and Mario Bon­nici; Mizzi Hold­ings Ltd, owned by Mau­rice Mizzi, Brian Mizzi and Ken­neth Mizzi; Michael Bianchi, who is an in­vestor in var­i­ous com­pa­nies and is one of the direc­tors in Air­port In­vest­ment Ltd; Sea Es­tate Ltd, whose sole direc­tor is Joseph Eucharist Vella, who also owns Karkanja Ltd; and Elma Ltd, whose direc­tors are Den­nis Bal­dacchino, who owns TalMagħtab Con­struc­tion Ltd, and Charles El­lul, direc­tor of El­bros Con­struc­tion Ltd.

Pro­posed in­vest­ment could reach as much as €200m

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