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Malta invites bidders in shipyard privatisation

Mon Aug 11, 2008 7:17am EDT

VALLETTA, Aug 11 (Reuters) - The Maltese government on Monday kicked off the privatisation of Malta Shipyards by issuing an international call for expressions of interest.

The loss-making dockyard is being sold off just before the expiry of an EU deadline on December 31 which will not allow further state subsidies to the enterprise.

Malta Shipyards (formerly Malta Drydocks) includes a supertanker dry dock (300,000 DWT) and five smaller docks, heavy steel fabrication facilities and superyacht repair and refit facilities.

The government last week also unveiled generous early retirement schemes in a bid to reduce the workforce from the current 1,600 to around 700, to make the shipyard more attractive to potential investors, Finance Minister Tonio Fenech said. (Reporting by Chris Scicluna; Editing by Louise Ireland)



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