Maltacom’s results for 2005 are probably the “best ever” and the company is well placed to face a challenging but exciting future with confidence, company chairman Sonny Portelli told shareholders yesterday.
Addressing the company’s eighth annual general meeting, Mr Portelli also sounded a warning note on the situation regarding roaming charges which could have an effect on Go Mobile’s profitability in the future.
Referring to the agreement signed between Tecom Investments and the government for the transfer of the latter’s 60 per cent majority stake, he described it as “a good deal for all concerned including shareholders”.
Mr Portelli said that Maltacom was committed to continue investing in its infrastructure to be one of the first companies that would be able to offer quadruple play services in the future.
The chairman said that the company had gone ahead with the successful merger of Datastream and Terranet and revealed that Wirenet and Coreswitch would soon be merged into the mother company.
He said that although fixed-line business was currently the company’s main arm, there had to be further investment in alternative services such as 3G, DIITV and broadband.
Mr Portelli revealed that the government-appointed directors would be offering their resignation after the AGM but would continue operating in a caretaker capacity until Tecom appointed their respective directors.
Among the points raised by shareholders was whether the stated investment by Tecom Investments of Lm30 million over three years would be over and above the profits made by the company. Others lamented the fact that minority shareholders were not represented during the negotiations between Tecom and the government.
In his response, Mr Portelli said that all international regulations were strictly observed during the negotiations and that no shareholder should feel short-changed on the outcome. He revealed that the agreement signed between government and Tecom would be tabled in parliament by Minister Austin Gatt on Monday.
The shareholders approved all resolutions as proposed by Company Secretary Francis Galea Salomone by a show of hands. These were: Approval of Financial Results, Payment of 4c5 Net Dividend, Appointment and Remuneration of Auditors and Appointment and Remuneration of Directors.
In a company announcement issued late yesterday afternoon Maltacom announced that the four new directors nominated by Tecom Investments will be as follows: James Kinsella (England), Osman Sultan (France), Patricia Cook Geery (United States) and Deepak Srinivas Padmanabhan (India).
Charles Camilleri, Vincent Farrugia, Alfred Rizzo and Dr Chris Said tendered their resignation from offices as directors.
Maltacom also announced that Saviour Portelli has been confirmed as chairman of the company and of the board of directors.