White Rocks Development Company, a consortium made up of a number of local and foreign companies, is the preferred bidder for the re-development of White Rocks, a spokesperson for the Ministry of the Economy confirmed.

Back in May, The Malta Independent had quoted well-informed sources and revealed that WRDC are the preferred bidders for the project. Speaking in Parliament on Monday, Minister for the Economy announced that the government had identified a preferred bidder for this project and that the process was being carried out by the privatisation division within the same Ministry. The name of the preferred bidder was confirmed to The Malta Independent yesterday.

According to Dr Cardona, the project will include the setting up of a tourist complex and a five-star hotel. Undeveloped areas will not be included in the project and Natura 2000 principles will be respected. The project will also have retail outlets which generates jobs that highly depend on the economic trends and liquidity.

The proposed investment by the consortium could reach €200 million depending on the formula agreed between the government and the bidders.

The sources had said that the consortium is made up of: London & Regional Holdings, which includes Livingstone Brothers (Richard and Ian Livingstone) with a net value asset of the group of €5 billion; Alpine Group, with MHRA President Tony Zahra as one of its directors; Bonnici Brothers, which is a construction company owned by Emanuel Bonnici, John Bonnici and Mario Bonnici; Mizzi Holdings Ltd owned by Maurice Mizzi, Brian Mizzi and Kenneth Mizzi; Michael Bianchi who is an investor in various companies and is one of the directors in Airport Investment Ltd; Sea Estate Ltd whose sole director is Joseph Eucharist Vella who also owns Karkanja Ltd; and Elma Ltd whose directors are Dennis Baldacchino, who owns Tal-Maghtab Construction Ltd, and Charles Ellul, director of Elbros Construction Ltd.