The portfolio of state-owned enterprises that falls under MIMCOL’s scrutiny is not well-defined. Ownership of these entities is not concentrated under one umbrella. Most Government investments are held by either the Board of Trustees within the Ministry of Finance, the Economy and Investment, or by MGI as agent for the Government of Malta. However, there are other state entities which themselves hold shares in companies which are typically special purpose vehicles set up in furtherance of that entity’s operations.

The following are lists of state-owned entities indicating those with which MIMCOL (and/or MGI) has some form of ownership or stewardship relationship. In respect of some of the entities listed, the only connection with MIMCOL or MGI is the mere holding of one share, whereas there are others with which MIMCOL has no relationship whatsoever. The list was sourced from MIMCOL and MGI records and from Government’s Financial Estimates for 2008. It must be cautioned that the list is not necessarily exhaustive as there might be other investments fully owned by Government entities or agencies which have not been captured by the sources just mentioned.

Investments in active companies with a shareholding through MGI or MIMCOL Entity Form Ownership Responsibility Casma Ltd MGI MIMCOL/MFEI Gozo Channel Ltd MGI MIMCOL/MFEI Gozo Ferries Ltd MGI MIMCOL/MFEI Gozo Heliport Ltd MGI MIMCOL/MFEI Grand Harbour Regeneration plc MGI MIMCOL/MITC Kalaxlokk Ltd MGI MIMCOL/MFEI Malpro Ltd MGI MIMCOL/MFEI Malta Air Traffic Services Ltd MGI MIMCOL/MFEI Malta Govt. Technology Investments Ltd MGI MITC Malta National Laboratory Ltd MGI Competitiveness Ministry Malta Marketing Ltd MGI Malta Tourism Authority Malta Venture Capital plc MGI MIMCOL/MFEI National Orchestra Ltd MGI MEDC Wasteserv Malta Ltd MGI Environment Ministry Libma International Construction Ltd MGI 20% MIMCOL/MFEI

Companies in which MIMCOL/MGI hold just 1 share Entity Form Ownership Responsibility Desalination Services Marketing Ltd WSC WSC Industrial Projects and Services Ltd MOF MIMCOL/OPM Malta Shipyards Ltd MFEI MIMCOL/MFEI MDD Dock 1 Ltd Malta Shipyards Malta Shipyards MDD Manoel Island Ltd Malta Shipyards Malta Shipyards MOBC Ltd Enemalta Enemalta MITA Ltd MITC MITC Property Management Services Ltd MFEI MIMCOL/MFEI Public Broadcasting Services Ltd OPM MIMCOL/MEDC Malta Electronic Certification Services Ltd MITA MITA Malta External Credit Insurance Ltd MGI Proper In liquidation Malta Industrial Parks Ltd MFEI MIMCOL/MFEI Centre for Socio-Economic Research Ltd MSA MSA Malta Stock Exchange plc MSE MSE CSD (Malta) plc MSE MSE MSE (Holdings) Ltd MSE MSE

Companies not in operation but not yet written off Entity Form Ownership Responsibility Kordin Grain Terminal Ltd MGI In Liquidation Malta Enterprise Ltd MGI In liquidation Malta Shipbuilding Ltd MGI To be struck off Medigrain Ltd MGI/MIMCOL 83% In liquidation Sliema Point Ltd MGI 75% Not in operation The Glorious Few plc MGI Never operated Cottonera Properties Ltd MGI 33.93% In liquidation Malta Government Privatisation plc MOF In liquidation

Corporations falling under Investments Ministry’s portfolio Entity Form Ownership Responsibility Enemalta Corp Government MIMCOL/MITC Water Services Corp Government MIMCOL/MITC Malta Enterprise Corp Government MIMCOL/MIIIT

Other Government direct investments Entity Form Ownership Responsibility Air Malta plc MFEI 97.9% MIMCOL/MFEI Libyan Arab Maltese Holding Ltd MFEI 51% MIIIT/MFEI Malta Export House Ltd MOF 90% In liquidation Bank of Valletta plc MOF 25.2% MIIIT/MOF Malta Dairy Products Ltd ME 30% MIIIT Malta External Trade Corporation Ltd MOF In liquidation Malta Freeport Corporation Ltd MFEI MITC Malta University Sports Complex Ltd MOE 49%   Mdina Weave Ltd MFEI In liquidation Medelec Switchgear Ltd MFEI 5% LAMHCO Mediterranean Power Electric Ltd MFEI 5% LAMHCO Rotos Zirayia Pumps Ltd MFEI 7% LAMHCO Viset Malta plc MOF 28.6%

Abbreviations:

• Ownership of most of the listed entities is vested either directly in Government through the Ministry of Finance, the Economy and Investment or through MGI acting as agent for the Government. Some other entities are themselves subsidiaries of SOEs (such as Desalination Services Marketing); while others are owned by other Ministries or agencies (such as the companies owned by the OPM, Education Ministry, the MSA and MSE).
  
• Although the portfolio has shrunk considerably over the past years through sell-offs and wind-ups, it is worth noting that the current list includes various new investments representing the statutory vehicles for implementation of new Government initiatives undertaken from time to time. These include the Grand Harbour Regeneration Corporation, Property Management Services Limited, Malta Venture Capital and Malta Government Technology Investments, all of which have been established over the past years or so.