Tuesday, May 1, 2018

Medserv's two major investors look to sell their shares - TIMES OF MALTA

Tuesday, May 1, 2018, 09:13

More than 65 per cent of the oil and gas service company available for purchase

Medserv's two major shareholders are seeking to offload their shares in the oil and gas service provider, they announced late on Monday.

Malampaya Investments Limited and Anthony S. Diacono have informed the company's board of directors that they intend to source a strategic purchaser to acquire their respective 34.33 per cent and 31.17 per cent shareholding.

Sourcing a strategic purchaser should "accelerate and further supplement the Group’s growth and internationalisation strategy," the two shareholders said in a company announcement. The company's board of directors share that view, they noted.

The process to find a purchaser is still at a very early stage, and the company noted that there is no certainty that one will be found or an eventual deal concluded.

Medserv plc was established in 2001. It holds 99.9 per cent of the share capital of Medserv Operations Ltd., which was originally set up in 1974 as a joint venture between the Maltese government and the Albert Abela Group.

The Medserv group has exclusive rights to a 200-metre deep water quay at the Malta Freeport up to May 2045, with an additional 5,000 square metres of adjacent land area and laydown facilities extending to 50,000 square metres within the Malta Freeport confines.

The group offers a variety of services to oil and gas offshore operators, with the company's main focus being on industry activity within North Africa and the Mediterranean basin.

Aside from its Malta base, the group also has operations in Cyprus, UAE, Oman and Iraq.

In July 2017, the company announced that it had agreed with Italian oil company Eni to extend a deal to provide base support services to Eni Cyprus Ltd. for a further two years.