A Turkish company involved in cruise port operations is to acquire a 30.97% shareholding in Valletta Cruise Port (VCP).

The company will acquire the shares in VCP currently held by Malta International Airport, Bank of Valletta and FSG Ltd - Farsons and Salvo Grima Group.

The completion of the deal is subject to legal and regulatory approvals and agreement with the other VCP shareholders.

The value of the deal is to be disclosed once the deal is completed.

Alan Borg, CEO of Malta International Airport said: "For MIA, this is a strategic sale which allows us to shed non-core investments to focus on our core activities of running the airport. For VCP, the addition of a strategic shareholder with an important presence in the cruise market will certainly add immense value to VCP's business in the cruise industry."