From A.J. Muscat

I would like to reassure all Maltacom shareholders and subscribers that the CEO, chairman and Board of Directors of the company are extremely busy working on the launch of new and innovative products. In fact they are so busy that none of these poor excuses for company executives found the time to answer a simple question I raised over a month ago. As a shareholder I am utterly appalled, and as a Maltese citizen I expect an answer. Just in case the aforementioned individuals have been so busy as to forget the exact nature of my question I will refresh their failing memories: It has been publicly declared on many occasions that TECOM will, as part of the Maltacom purchase agreement, invest Lm30 million in Maltacom. Will this take the form of new capital or will TECOM simply use the extensive reserves that have been built up over the years by the previous shareholders? Reserves, one should point out, that could and should have been distributed to the previous shareholders since these reserves have no impact on a company’s profitability.

A simple enough question one would think, but it seems that the much vaunted new CEO and board members deem this question as not worthy of an answer. I guess getting shares at Lm1.55, when the market price was much higher, is not enough for the Dubai State-owned company, otherwise they would have answered my question. Thankfully, we will soon have an alternative in the shape of a real Maltese telecom provider as opposed to a company owned by an arrogant foreign body.

Corporations all over the world have learnt the importance of transparency and sound corporate governance. One can only hope that TECOM will act accordingly.

A. J. Muscat

MSIDA