Turning on to MIMCOL’s business advisory role, without being anywhere near exhaustive, this section gives an overview of a selection of achievements and projects driven by MIMCOL over the last decade or so.

Divestments and privatisations Date Project Client Comments 1998 – 1999 Liberalisation of the gaming industry in Malta Ministry of Finance and Commerce Worked closely with UK casino expert Nigel Kent-Lemon 1998 – 2004 Privatisation of the National Lottery Privatisation Unit (Ministry of Finance) Worked closely with UK National Lottery Commussion, Vlaemminck of Belgium (legal) and HEDRA of UK (technical) 2001 Concession for car park at Pender Place, St Julians MGI   2002 Privatisation of Malta International Airport Privatisation Unit (Ministry of Finance) Worked closely with foreign advisors BNP Paribas (France) 2002 – 2007 Privatisation of Maltapost Privatisation Unit Sale of 35% shareholding to Transend Worldwide of New Zealand in 2002; sale of 25% to Red Box plc (Lombard Bank) in 2007 and IPO of the remaining 40% shareholding in 2008 2004 – 2006 Privatisation of Sea Malta Company Limited Privatisation Unit Process was eventually halted due to a deadlock between the prospective owners and Union 2004 Sale of Government’s and Air Malta’s shares in Middle Sea Insurance plc Ministry of Finance   2004 Sale of shares in Fort Chambray Limited MGI   2005 Sale of Pender Place and Mercury House property MGI   2006 - 2008 Privatisation of Enemalta's Gas Division Enemalta Corporation, Privatisation Unit   2007 Privatisation of Tug Malta Privatisation Unit   2006- Privatisation of Enemalta's Petroleum Division Enemalta Corporation, Privatisation Unit Negotiations with the preferred bidder currently underway 2008- Privatisation of Malta Shipyards Ltd through four distinct processes, namely: Ship Repair, Super Yacht Services, Yacht Repair and Refit and Steel Fabrication Malta Shipyards Ltd and Privatisation Unit Negotiations underway with respective preferred bidders 2009- Concession for the operation of the Dragonara Casino Complex Casma Ltd Request for Proposals launched 2009- Concession for the operation of Yacht Marinas Malta Maritime Authority, Privatisation Unit Request for Proposals launched

Restructuring projects Date Project Client Comments 2002 Hive off of Malta Air Traffic Services and Gozo Heliport from Malta International Airport Privatisation Unit, Ministry for Economic Services   2003 Malta Shipyards - Organisational Restructuring Report Malta Shipyards Restructuring Task Force Recommendations led to setting up of Malta Shipyards Limited and IPSL 2003 Restructuring of Public Broadcasting Services Limited MIIIT   2004 Restructuring of Gozo Channel MIIIT   2006 – Preparation of Kordin Grain Terminal Limited for privatisation Privatisation Unit Working closely with Office of Fair Competition, Lands Deparment, MMA and MIIIT 2006 - Malta Shipyards – Report on Financial Restructuring MIIIT, State Aid Monitoring Board

Human resources management Date Project Client Comments 2003 Redeployment of IPSL employees in the public sector Malta Shipyards Restructuring Task Force   Various Design of voluntary early retirement and redundancy schemes Malta Shipyards (2001, 2003); Public Broadcasting Services Limited (2004); Malta Enterprise for ex-MDC, Metco and IPSE employees (2003); Casma Limited (2007)   2003 - MIIIT focal point for public and parastatal recruitment and redeployment MIIIT Working closely with ETC and the Redeployment and Recruitment Advisory Group (OPM) Ongoing Collective bargaining across a wide range of parastatal entities Various Working closely with the Collective Bargaining Unit 2008 Early retirement schemes Malta Shipyards Ltd Schemes launched with the aim of downsizing the workforce prior to privatisation

Corporate finance Date Project Client Comments 2000 Initial Public Offering – Malta Government Privatisation plc Privatisation Unit, Ministry of Finance   2002 Initial Public Offering – Malta International Airport plc Privatisation Unit, Ministry of Finance   2005 Second Public Offering – Malta International Airport plc Privatisation Unit, MIIIT   2005 Valuation of shares in Malta Dairy Products Malta Enterprise   2006 Run-off of Malta Export Credit Insurance plc MIIIT MECI in the process of being wound up 2006 - 2008 Recovery of Russian debts owed to Government entities Office of the Prime Minister Recovery of over $15 million of debts which had long been considered as irrecoverable. 2006 - Setting up of Malta Venture Capital plc Ministry for Investments, Industry and IT   2007 - 2008 Initial Public Offering – Maltapost plc Privatisation Unit, MIIIT

Other finance-related assignments Date Project Client Comments 1999 -2002 Assistance to Government in negotiations with relevant stakeholder representatives Malta Drydocks/GWU re Collective Agreement; Enemalta/GRTU for increases in petrol station commissions; Economic Services Ministry/bakers’ co-operative for increases in the price of Maltese bread; etc   2002 -2006 Pre- and post-production reports on film budgets Film Commissioner, MIIIT Evaluated proposals and expenditure budgets submitted by producers and audited qualifying expenditure submissions. 2004 British Gas Farm Out Proposal Oil Exploration Division (OPM) Assessed feasibility of acquiring an oil field for extraction purposes off Sicily’s south shore. 2005 FDI Project Appraisals Malta Enterprise Supported ME in evaluating investors’ proposals including a bid to convert the French Creek into a super yachts facility. 2006 Financial evaluation re Integrated Health Information System tender for Mater Dei Hospital MIIIT MIMCOL participated in the evaluation process as leader of the Financial Evaluation Committee. 2007 Joint review (with ME) of proposal for setting up of a computer animation studio in Malta Film Commissioner, MIIIT   2007 Report on Bus Fleet Replacement ADT, MIIIT, Urban Development Ministry Assisted in the appraisal of a replacement programme for the public transport bus fleet. 2007 Review of proposal for the operation of fixed wing aeroplane services from MIA to Gozo airstrip MIIIT

Other projects and initiatives Date Project Client Comments 2000 Submission of Joint Bid with Standard Bank (UK) to act as advisors to the Latvian Privatization Agency for the privatisation of Latvian Shipping Company N/A The bid was short-listed beating several high-profile consulting firms including Merrill Lynch 2001 - 2003 MIMCOL representatives were appointed to form part of the Malta Shipyard Restructuring Task Force Minister for Social Policy Task Force comprised representatives of the yards, GWU, Government and the Opposition 2001 Report on Livestock Slaughtering (Civil Abattoir) and Meat Processing in Malta EU Core Negotiating Team   2001 Report on Industrial Property Management Malta Development Corporation   2002 Report on Restructuring of the Pitkali Market Pitkali Steering Committee, Ministry for Agriculture Recommendations based on model applied in The Greenery facilities in Breda, Holland 2002 Report on Armier Boat Houses Parliamentary Secretary: Ministry for Home Affairs Produced feasible and modern project concept designs to rehabilitate the area sensitive to the environment and the needs of the incumbent tenants. 2002 Report on Development of Industrial Sites for Micro Enterprises Parliamentary Secretary: Ministry for Economic Services   2002 PPP for Urban and Rural Landscaping Ministry of Finance The first PPP implemented and now in its sixth year of operations. 2005 Postal Retail Network Report Maltapost plc Made recommendations how to market and service-develop the latent front end operations of Maltapost’s branches. 2007 Draft tender for provision of project management services for the Malta South Sewage Treatment Plant and Transmission Infrastructure Water Services Corporation, MIIIT Work included the preparation of detailed terms of reference for the required project management services. 2007 Grand Harbour Report and Marsamxett Harbour Report Cabinet Committee for National Projects Searched land titles, identified projects and master-planned the regeneration of the harbours. 2007 Report on Privatisation of the MMA’s Yacht Marinas MMA, Competitiveness and Communication Ministry   In progress Letting of surplus floors in Dar Malta in Brussels Ministry of Finance, EU Permanent Representation   2007 - National Contact Point for the EU Competitiveness and Innovation Framework Programme Cabinet   2008 PPP - Report on possible opportunities for PPP initiative MFEI Identified a number of projects which could lend themselves well for PPP 2008- PPP - Pathfinder Project MITC A project aimed a rehabilitating the road network in Malta and Gozo 2008- PPP - Sliema Ferries Car Park MRRA A feasibility study was prepared to support the construction of an underground car park in Sliema 2008- PPP - Aquarium Ministry for Tourism A DBOT contract to construct a large-scale aquarium in Qawra 2008- PPP - Enoteka MRRA The concept of establishing a national enoteka to promote Maltese wines and agricultural products 2009- PPP - Addolorata Cemetry Ministry for Social Policy A project involving the extension of the cemetry and the transfer of its management and operations to the private sector 2009- PPP - Photovoltaic panels MRRA The utilisation of Government property for the positioning of solar panelling involving private sector investment 2009- PPP - St Paul's Bay Sports Complex Ministry for Education, Culture, Youth and Sport The building of a multi-purpose sports complex capable of hosting international events 2009- PPP - Marsa Sports Facilities Ministry for Education, Culture, Youth and Sport The restructuring of the Marsa facilities for equestrian sports 2009- Project Monitoring: Status Report on a number of major projects including: Midi, Cottonera Project, Valletta Waterfront and Smartcity MFEI   2009- Project Monitoring and Project Facilitating work on the projects of Midi, Cottonera, Valletta Waterfront and Smartcity MFEI

A look at the foregoing showcase of MIMCOL’s work brings to mind the following observations:

• The wide-ranging diversity of project scope in an array of business sectors demonstrates MIMCOL’s versatility and resourcefulness when it comes to studying the issue at hand and coming up with workable recommendations.
  
  
• The list includes a mixed spectrum of challenging projects which where implemented through MIMCOL’s hands-on assistance. Following through a project to its completion is indeed one of the factors which differentiates MIMCOL from other consulting firms whose support normally ends at the recommendation stage. Some examples of demanding assignments accomplished with MIMCOL’s help include the restructuring of the shipyards into MSL and IPSL and subsequent redeployment of the latter’s employees; recovery of Russian debts which had been given up for lost; the environmental landscaping PPP and various privatisations.
  
  
• The list further exhibits a reasonably wide client base within the public sector, including several ministries and authorities. Given that MIMCOL’s role as Government’s business advisor does not have official recognition and has a rather low public profile, it is to MIMCOL’s credit that contact with so many clients was established by word of mouth and through interpersonal relationships normally through the Chairman and Chief Executive Officer. Moreover, many a times MIMCOL’s work ended up in Cabinet in support of memoranda presented by the relevant Minister, with the result that the quality of its work could be more widely appreciated, serving as an indirect ‘promotional tool’.
  
  
• MIMCOL has developed a solid experience of project team working, in several assignments in the capacity of team leader. MIMCOL has worked well with multi-disciplinary teams of local advisors (cases in point being the Initial Public Offerings) as well as with foreign technical advisors (especially on privatisation assignments). MIMCOL makes it a point to remain in touch with its past team colleagues all of whom form part of MIMCOL’s extensive network of contacts.

• It is worth noting that since MIMCOL has no in-house legal expertise, legal services falling within a particular project’s scope are always farmed out. This arrangement works well because MIMCOL is thus able to match the project’s needs to the most appropriate legal firm having specific expertise according to the nature of the assignment and/or sector in question.
  
  
• Clients acknowledge that projects entrusted to MIMCOL are successfully completed in line with expectations and objectives are met within the timelines set.
  
  
• In undertaking its assignments, MIMCOL adopts uncompromising standards of professional objectivity. This was often acknowledged by several stakeholder groups involved in or affected by MIMCOL’s work, with perhaps the best example being the high regard that MIMCOL enjoyed throughout its active participation in the Task Force for the Restructuring of the Yards between 2001 and 2003.
  
  
• Thanks to such a track record of success in achieving its deliverables, MIMCOL today enjoys a high degree of professional repute as an acknowledged business advisory firm, not just by Government and officials across the board, but also by private firms with whom MIMCOL often collaborates.