Sale of Selmun Palace Hotel moving ahead – Air Malta

Air Malta today announced that, together with other transactions, it has moved ahead on the sale of Selmun Palace Hotel.

"The re-appraisal of the short-listed companies interested in this sale is expected at the end of this month," the airline said in a statement.

It also announced that it had successfully concluded the sale of its UK based tour operator subsidiary, Holiday Malta Limited to the SMS Group of Companies.

"The transaction was finalised following the approval received from regulatory authorities," Air Malta said.

It however gave no figures as to how much the company was sold.

Air Malta also announced it has chosen a preferred bidder for the sale of its package holiday division, Flyaway Tours.

"Air Malta is continuing with its wide-ranging restructuring process and meeting its obligations as part of the EU approved restructuring plan," Air Malta CEO Peter Davies said.

" In all sale transactions we have followed a robust and rigorous process of competitive bidding, to ensure the highest levels of corporate governance whilst maximising revenue for the airline."

Davies also said that Air Malta's multi-faceted restructuring exercise was progressing well with several major projects being concluded and giving results.

"We are currently finalising our second quarter figures which will be announced in the coming days and through which the public can continue monitoring the progress the airline is achieving," he said.