The Malta Business Observer, 25th June 2020 by Content House

NEWS Issue 111

June 25, 2020

Distributed with Times of Malta

Business picking up, but post-COVID recovery still plagued by uncertainty

As property sales have started picking up, real estate agents have said a new market is emerging, in which buyers are eschewing apartments for larger properties with outdoor space. see pages 5, 6 >

Rebecca Anastasi The recent lifting of COVID-19 restrictions has led to a relative upswing in activity across a wide range of businesses, stakeholders from various sectors have said, adding that the re-opening of the airport next week could help drive more business, though they cautioned that consumer confidence will remain a mitigating factor. Joanne Bondin, Director at MISCO, attested to the fact that the lifting of the state of emergency provided a “ray of hope” to the business community. “We have seen that certain companies that were directly affected by COVID-19 have now restarted dedicating resources on projects they had put on hold due to the pandemic,” she said. However, she underlined that, before claiming victory over the fallout from the coronavirus crisis, stakeholders need to see how consumer behaviour has been altered, and how this will “impact the way businesses normally operate”. She lent credence to claims that there will be a “new normal”, saying that enterprises will need to, not only adapt to change, but to pre-empt it. The greatest difficulty, looking ahead, was “the unknown”, she said. “Businesses have had to alter their operations overnight and, now, they do not know when operations will go back to normal again, if at all.” In this regard, MISCO has helped some firms adapt their operations to the current scenario, guiding them in shifting their operations, increasing their use of technology and re-organising their workforce. “On a positive note,

BUSINESS OPINION Dr Konrad Xuereb, Director at KonceptX, and principal advocate of the ‘Malta Metro’, an underground mass transit system, outlines the business imperatives of his proposal. see page 13 >

these difficulties have made us rethink, reevaluate and adopt work and even life practices that will redefine the world as we knew it,” she added. Norman Aquilina, Farsons Group Chief Executive Officer, also attested to the “initial signs of pick-up in business.” However, he said, “we are far from where we started and where we need to be”, for while Maltese consumers are also showing signs of “wanting to return to a semblance of normality”, caution needs to remain a key factor. “Whilst weekends see some activity in these areas, the weekdays are particularly challenging in the absence of any custom from tourism. In this respect, the opening of Malta

International Airport in two phases, on the 1st and the 15th July, will be the next milestone and we need to better understand the extent to which we will be seeing a return of tourists to our islands. Only then can we really understand the full effect of any improvement, or otherwise, from the lifting of measures,” he explained. In the meantime, the extension of the Government incentives, was welcome, and has helped to offset some of the business’ costs, Mr Aquilina said. Yet, “the overall impact of COVID-19 on our business has been very significant, and nowhere comparable to the incontinued on page 3

LOGISTICS Logistics company, Jetfreight Ltd, are committed to providing bespoke shipping and delivery services, the ﬁrm’s Chief Executive Oﬃcer, Olvin Galea says. see pages 15, 16 >

e Malta Business OBSERVER

June 25, 2020

NEWS

Government should treat ELT and taxi industry as standalone sectors, stakeholders say continued from page 1 centives available”, and the “lack of demand along with the sustainability of our operational costs, together with a lack of certainty on the future are all challenges which many businesses like ours will continue to face.” Indeed, according to the CEO, “the challenge is not over yet” and this year will be crucial in determining the long-term implications of the pandemic. “We need to remain vigilant, not only with respect to the virus along with its immediate implications on business in general, but also in the longer term as the impact of COVID-19 has been so significant on most businesses and will certainly result in lasting changes in how many businesses are structured and how they operate,” he asserted. Similar trends are being experienced in the technology sector, with Eyetech Ltd Managing Director, Patrick Cutajar, saying that the firm has seen a “a slight increase in day-to-day support calls” since the lifting of the state of emergency, but that these amounts were a far cry from what they had been at the beginning of the year. Yet, he expressed optimism that, with the opening of the airport, “we’ll see improvements in our clients’ purchasing power, through the sales they generate.” The firm’s worry, however, remains the same as it had been during the peak of the pandemic:

“if business does not pick up, we will have to struggle a bit more to continue to stay afloat,” he attested, saying that Eyetech Ltd were not classified under either Annex A or B in the Government incentives. Moreover, “with regards to wage supplements that are given to our clients, this did not have either a positive nor a negative effect to our business.” In the meantime, stakeholders from two sectors which were crippled as a result of the pandemic, have stressed the need for the authorities to treat them individually, rather than as adjuncts to the tourism industry. Matthew Bezzina, Chief Executive Officer of eCabs, said the firm

is still experiencing an “80 per cent revenue and volume drop, when compared to 2019,” though he attested that the pandemic was not wholly to blame for the situation. Indeed, the “oversupply of vehicles” on the island – which Mr Bezzina attributed to “the lack of enforcement” as well as “fiscal, regulatory and employment abuse” – is leading to rate cuts and, hence, jeopardising “the overall sustainability of the industry”. This, coupled with the current uncertainty, “does not augur well”, he said, despite the airport reopening in July. “The re-opening will help, though numbers will be very far from what they used to be”, he continued, quoting the re-

cent upsurge in COVID-19 cases in China and Germany, as well as the instability on the global stock market as risk factors. “The race is far from over. This is a marathon not a sprint,” he said. Indeed, normality will take time, he underlined. And, with some office workers continuing to work from home, demand will keep dropping. Therefore, in light of the particular challenges being faced by the sector, he called on the Government to “treat the MAAS (Mobility as a Service) industry as a standalone industry through financial assistance to bona fide operators, and move forward with the PSG (Public Service Garage) reform

to ensure a level playing field for all,” he underlined. A similar call was expressed by James Perry, Chief Executive Officer of the Federation of English Language Teaching Organisations Malta (FELTOM), who said, that while the extensions of the Government’s COVID-19 wage supplement will “definitely help” avoid staff redundancy, “we believe that every industry should be seen individually to understand what the impact was and what is the recovery period expected.” To this end, he urged the authorities to look at an “ELT rescue package” to ensure the sector survives post-COVID-19. For, indeed, he said that, even with the airport re-opening, the “reality is that most schools will have very few students in their classrooms,” while the running costs will continue to increase. And, while, in the past, Malta hosted approximately 40,000 students during the summer period, this year the sector is “nowhere close to these numbers due to uncertainty from our clients.” Mr Perry also pointed to a lack of clarity in recent statements by the Government over the prospect of 8,000 Hungarian students confirming their stay in Malta this summer, and said that, while the association is happy with the news, “it is concerned that this refers to the Tempus Project, which had already confirmed it is postponing to next year.”

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June 25, 2020

NEWS

New property market springs from COVID-19 lockdown Ray Bugeja As property sales start picking up after a few difficult weeks, real estate agents are noticing the emergence of a new market, with prospective buyers demanding outdoor space, with gardens and pools, inclining towards houses, rather than apartments. Judging by what three real estate agents told The Malta Business Observer, the property market does not seem to have fared so badly during the pandemic, although the demand for short lets was rather dented. This was verified by Benjamin Tabone Grech, Chief Executive Officer of Engel & Völkers, who, however, stressed that the real problems faced by the market were not caused by the pandemic, though it did give rise to some issues. Instead, the lack of adequate building regulations, unspecified minimum standards and a lot of corners being cut – in other words, the development of an inferior product – were more problematic. Another issue, the CEO noted, was that rents in Malta are higher than in some countries in Europe. In this regard, he argued that if the market is to be more successful and attract foreign investment, a better product is a must. He, therefore, stressed the need for a change in attitude and a considerable drop in prices. “The building industry must realise that, in order to be competitive on the international market, it must raise standards. Fair prices and values have been a long time coming,” he asserted. He noted that the slowdown in the market has been felt since the end of 2019: there have been fewer sales and minimal

reductions in prices, although this was nothing out of the ordinary. In his view, the measures announced by the Government last month with regard to lower stamp duty and tax on property helped to stimulate the market and give more confidence to people. Moreover, Mr Tabone Grech expects to see some changes in the property market between September and November. The supply of property will continue to grow, he predicted, especially if some businesses continue to not do well, leading them to realise that the real estate they had invested in is not rendering the sort of return they expected. In this case, they could decide to put the property back on

the market, Mr Tabone Grech asserted, and if that happens, prices will, in his view, fall, so properties would begin to “fly off the shelf”. Predicting that preference for converted houses will grow, he noted that the demand for residential units has changed. Space, natural light and decent housing are what people look for now, Mr Tabone Grech explained, adding that, over the past three or four months, he also noticed a preference shift towards houses rather than apartments. In addition, in the past months, there was an influx of about 6,000 properties in the long-let market, which contributed to the average rental price dropping to €900 and it can fall further, the CEO remarked.

Owners, of course, prefer short lets because the revenue is higher. However, they are now having to accept long lets, he maintained. As ports reopen, visitors will return and, hence, there will be some demand for short lets, although it would be wrong to think the numbers would return to what they used to be, he commented. As a result of these issues, and the pandemic, the general feeling within the industry is one of anticipation for change, Mr Tabone Grech said. The real desire is not for some massive growth in the market but, rather, a better service and professionalism, he remarked. “As I look to the future, I hope that prices will come down, that they reflect the quality of the building, and that merit prevails, even in our industry. We must make changes now to reap the benefits in the future. I see a more stabilised market in 12 months’ time, hopefully, with prices really reflecting the type of real estate on offer, and with beautiful converted houses retaining their value, though the standard apartment will suffer somewhat in terms of price,” Mr Tabone Grech asserted. Echoing some of these thoughts, Douglas Salt, Director, Frank Salt (Real Estate) Ltd, said there was “pent-up demand” and people now want to buy property. “At the moment, the property sales market is quite active,” he remarked. Rentals were hit somewhat badly in the wake of COVID-19, especially in the case of short lets, which is also very popular among some tourists, the real estate agent continued. However, he cautioned that one must continued on page 6

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NEWS

Promises of sale signed before the pandemic are now being honoured, industry leaders say continued from page 5 be realistic and not think that, as airports reopen, Malta will be flooded with tourists again overnight, or that demand will increase steeply, as a result. This was also because foreigners who lost their job in Malta have returned home, leaving the apartments they rented vacant. Therefore, what will happen vis-à-vis the letting market depends very much on the recovery in tourism and how many foreigners will be working here permanently or in the long-term, he continued. He would not hazard a guess on when the letting market could start stabilising, though he said one should be able to have a clearer picture by the end of July. He expressed the hope that Malta will be perceived as a safe destination by potential holidaymakers, apart from the fact that it can be reached by a short flight and it is blessed with sunny and warm weather. In terms of prices, he admitted he did not notice any significant changes, though he expressed hope these would level off.

“Price-wise, sales were overheating, so it would be good if these were to stabilise for a period, though one must bear in mind that property will always appreciate in value and, indeed, nobody would like to see property losing value. Still, it would be positive if the prices were to stabilise for a year or two,” Mr Salt asserted. Looking back, in the case of rentals, it was clear from the outset that the increase in prices above what should have been the norm was temporary, resulting from a short supply and a high demand, with some making the best of it, he explained. What eventually happened, he added, was that, rather than taking two to three years for the situation to normalise, it occurred suddenly. He acknowledged that quality and standards come at a price, and those who can afford to pay would continue to seek upmarket properties, which means pricing issues will always remain. “A balance must be struck between affordable housing and quality housing, and by quality one also means the infrastructure outside the house and not only the building itself,” Mr Salt maintained. In this

regard, he said there was a new demand that must be met. Post-COVID-19, he pointed out, prospective buyers are insisting that units should have, at least, some outside space like, say, a garden or a terrace. But, in the future, Mr Salt acknowledged that a lot of hard work and perseverance are needed to recover fully. On the other hand, Perry Estates Agents Managing Director, Robert Spiteri Paris, said people are already becoming more confident, adding that promises of sale signed before the pandemic are now being honoured – even those signed by foreigners. Looking closely at the Government’s recent “excellent measures”, Mr Spiteri Paris argued that they can be fine-tuned, and suggested raising the value of property so more first-time buyers would qualify, he added. Once the airport reopens in July, Mr Spiteri Paris is hopeful the pace would pick up considerably, asserting that the situation in the property market could have been worse. For a while, during the crisis, it was practically impossible to sell any property, but Malta succeeded in handling the pandemic “in a great way”, he said.

Moreover, echoing the other stakeholders, Mr Spiteri Paris said he sees encouraging signs for the future, like the emergence of a new market for villas, as people increasingly seem to want their house to have more open space. In this regard, Mr Spiteri Paris reported a surge in demand for houses having pools and gardens, and this applied to both the sales and rental markets, with the latter showing demand for long-lets, even by locals. He attributed this to people having had enough of being locked inside their homes for weeks on end. He said that, judging by his company’s performance, the situation was practically back to normal as of 1st June and he reported “encouraging” signs from partners abroad as well as a rising interest in property on the home front. “Malta has always proved to be quite resilient. Therefore, I am very confident that things will work out and the value of property will hold. Of course, there will definitely have to be corrections in terms of overpricing,” Mr Spiteri Paris concluded.

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June 25, 2020

NEWS

Low Carbon Development Strategy nearing completion Ray Bugeja A Low Carbon Development Strategy for Malta is about to be finalised and a new Waste Management Plan is being drawn up, Environment and Climate Change Minister Aaron Farrugia told The Malta Business Observer. Speaking about the European Green Deal, Dr Farrugia said that part of these strategies was the transitioning to a low or zero emission transportation system, which will be combined with a modal shift to mass transport systems. He also stressed the importance of other measures, which will need to be devised to encourage more uptake of electric cars. The Minister insisted that this was part of Malta’s commitment to circularity principles, green public procurement and biodiversity. “I think the realisation that we need to boost our environmental credentials must also come with the realisation that this does not need to come at the cost of economic development,” Dr Farrugia asserted. Indeed, he described the European Green Deal as being about moving towards a clean and circular economy; reducing emissions and pollution; restoring biodiversity; achieving carbon-neutrality by 2050; decarbonising the energy sector; having cleaner transport and energy-efficient buildings; as

well as improving environmental standards at a global level. Having a greener economy will require effort from all sectors at all levels of society, he pointed out, acknowledging that simultaneously mainstreaming green technologies across all economic sectors faces challenges. Moreover, he Government, he went on, strategically decided to ease certain burdens within the construction industry to spur a more sustainable development. In this regard, the Minister said he was looking forward to development guidelines which would prioritise green and resource efficient buildings to complement initiatives at a local level and which would be central in creating a more sustainable built environment. Further elaborating on the Low Carbon Development Strategy, the Minister said this will outline initiatives to gradually decarbonise the economy. In addition, the new Waste Management Plan will be aimed at enhancing the resource value of waste and maintain natural resources for the longest timespan possible within the economy, the Minister said. He also made mention of Malta’s National Biodiversity Strategy and Action Plan, which, he said, will detail the country’s contribution towards enhancing and protecting ecosystems and biodiversity. He pledged that the Government will not renege on its obligations at EU level but,

more so, those towards the people of Malta and its future generations. “We are aware of the challenges we face because of our small size, lack of natural resources and absence of economies of scale but that does not diminish our resolve or our resilience to act even in difficult circumstances,” he asserted. He also urged the population to take responsibility for the success of any green recovery, throwing down the gauntlet. “This is indeed the greatest challenge. If the Maltese people fail to take up the green economy, it will be a measure of our failure as politicians, both Government and Opposition, to meaningfully and realistically show the net longer-term benefits derivable from such an approach,” he underlined. “Admittedly this is easier said than done. A lot depends on our ability as a nation to also think in terms of future generations. All of us – politicians, industry, economic and social actors, as well as the people at large – need to move from advocating to actually putting our money where our mouth is. Pointing fingers and crying foul is just not enough. Charity begins at home – my home, and your home. Are you on?,” he asked pointedly. Behavioural changes are a must, he insisted and warned that, until such time as resource costs converge, greener buildings will also come at a higher cost. Moreover,

there will be some bitter pills to swallow if the drive towards more environmentally friendly choices is to be pursued, the Minister maintained. But, Dr Farrugia is hopeful a national consensus about rewarding green investment is possible. For Malta Business Bureau President (MBB), Simon De Cesare, the green economy is the way of the future: we either adapt, or we lose out. Noting that the European Union is at the forefront in efforts of greening the economy, the MBB President explained that the European Green Deal contains clear objectives to reduce emissions by 2030 and achieve climate neutrality by 2050. However, he warned of the short-term costs inherent in shifting towards a greener economy. “The right timing will need to be found for the introduction of measures that will have a cost impact on the private sector, which could have been somewhat possible to integrate in normal times but impossible to sustain during this sensitive period,” he maintained. In his opinion, the overall vision of a greener economy is there, the roadmap to get to it is defined, and the commitment to achieve it is confirmed. What must be done, he insisted, is to have all public and private stakeholders onboard, working together continued on page 10

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Environment Minister thinks national consensus on rewarding green investment is possible continued from page 9 and understanding each other’s necessities. “The transition to a green economy will not be achieved in a top down or in a one-size-fitsall approach. It will succeed through dialogue for the formation of clear policies, economic incentives that attract investment, and will be based on effective implementation, and a serious post-evaluation of policy actions to continuously improve and adapt where needed,” Mr De Cesare insisted. Economist, Marie Briguglio, a keen advocate of sustainable economic practices, observed that “Malta’s economy developed perhaps a little too fast and a little too furiously, and the consequence has been depletion of natural resources, loss of cultural assets, and higher levels of waste, air, climatic noise and marine emissions than could

have been achieved with more prudent growth.” There are several ways to green an economy, ranging from soft options to harsher ones, and fiscal measures can help too, she continued. She thinks that Malta’s intervention was somewhat stunted by an overreliance on throwing money at environmental problems, a solution the academic deems less politically painful than actually penalising polluters. In environmental ailments and crime, the carrot cannot work without the stick because it is, after all, the polluter ‘pays’ principle, not the polluter ‘profits’ principle that is supposed to be implemented, Dr Briguglio asserted. In her opinion, the transport sector has to be urgently greened, though Malta does not need to re-invent the wheel to green the economy. “Post COVID-19, we now need to think of how to pick up an

economy that has fallen flat on its face, without resorting to subsidising pollution. Instead, we have a great opportunity for a green recovery with investment in green infrastructure and aid that favours cleaner consumption and production,” Dr Briguglio argued. MEP Roberta Metsola, Head of the Nationalist Party delegation in the European Parliament concurred, and insisted that the economies of the future must be centred around sustainability and circular models of growth. The shift away from a linear to a circular economy is beneficial not only in terms of environmental impact but also because it makes economic sense, she noted. “I’m glad that Malta is one of the countries that have committed to protecting the Green Deal but our national results are shambolic,” the MEP commented. The Green Deal will help the economy become

more competitive and resilient, relieve the pressure on resources as well as on the environment, and promote innovation, she remarked. Miriam Dalli, who heads that Labour delegation at the European Parliament, also said that shifting to a green economic model is the way to ensure lasting economic growth for the longer term. She agrees it is not a quick-fix policy but something she honestly believes is required to have a society that can guarantee economic growth, social protection and environmental integrity. “The way ahead is long, not only for Malta but for all EU member states. However, if we have a vision, we can make sure that we prepare our society and our country for the reality of tomorrow as of today. To make this vision a reality, subsidies and direct Government investments are needed to shift from fossil fuels to cleaner technologies,” she asserted.

Moreover, she continued, “this vision is a necessity not a luxury because, ultimately, the harm from climate change will be slower than the pandemic we are going through but more massive and longer-lasting,” Dr Dalli warned. In other quarters, the financial sector is also working on becoming green. Indeed, in a recent statement to The Malta Business Observer, the Central Bank of Malta said it had joined the Network for Greening the Financial Sector a year ago and is playing an active role in seeking the transition towards a sustainable economy. The Network, along with the Potsdam Institute for Climate Impact Research, has been estimating the impact of different climate hazards at global and regional scales, looking in particular at different socio-economic sectors, such as agriculture, human health, and labour productivity.

e Malta Business OBSERVER

June 25, 2020

EDITORIAL

Not out of the woods For the past few months, COVID-19 has dominated local headlines and the general public’s attention, with many spending their days waiting for an update on the numbers of infected and recovered, while businesses have been scrambling to contain the financial fallout from the pandemic. But, while we have all been taken up with the minutiae of the developments in the coronavirus crisis, and occupied with trying to mitigate the damage, another, more earth-shattering, national emergency was waiting in the wings. For, the recent Court revelations during the public inquiry into the murder of Daphne Caruana Galizia and the proceedings in the compilation of evidence against murder suspect Yorgen Fenech have reminded us, yet again, that all is not well in the state of Malta – and it hasn’t been for a while. And, while Prime Minister Robert Abela’s brave move to initiate the expulsion of Konrad Mizzi this week is to be celebrated, why did it have to take that long? Who has gained from this delay? Why did the current administration bring a country to the brink – with international institutions threatening to blacklist us for failure to address moneylaundering shortcomings and for systemic flaws – before taking action? These ques-

tions have been asked before, and they will continue to be asked until credible answers are given. In addition, this week’s revelations – that Joseph Muscat asked his Chief of Staff to stop Yorgen Fenech absconding, as well as yesterday’s news that Fenech knew in late 2016 that an early general election will be called – point to one imperative: Joseph Muscat needs to be investigated on a number of fronts. Malta’s reputation is on the line here, and it’s been dragged through the muck these past few years. This has had a tangible effect on the health of the island’s business community and its ability to operate seamlessly with international partners, without the taint of corruption hanging in the air.

“Malta’s reputation is on the line here, and it’s been dragged through the muck these past few years.”

Moreover, the social instability this has caused has also impacted consumer appetite, although, incredibly, someone needs to explain to former Home Affairs Minister Manuel Mallia that civil society is not to blame for this. Rather, as Ombudsman, Anthony Mifsud, pointed out this week in the opening lines of his annual report, civil society has become a force to be reckoned with, and a check on the “negative corruptive ties between big business and the public administration”. And, it is, indeed, this toxic relationship which needs shattering, for the good of Malta’s democracy, and for the economic well-being of honest, hard-working businesses and entrepreneurs, and Prime Minister Abela needs to continue making tough decisions for the good of the country. Malta’s progress can no longer be sullied by the misdeeds of politicians – of whatever colour or stripe – working in cahoots with powerful individuals and holding this country to ransom, and our economic success cannot be built on such unstable foundations, which threaten to destroy the entire edifice. For, while we can hail our success in overcoming the worst of COVID-19 (so far, at any rate), the full economic impact of the political crisis might yet be revealed.

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BUSINESS OPINION

Yes we can – A business case for the Malta Metro

Dr Konrad Xuereb For the economy and quality of life to thrive, Malta urgently needs to invest in vital mass transit infrastructural projects. A Malta metro that extends to Gozo ticks all the right boxes, and addresses the key challenges facing Malta, namely population growth, sustainable transport and environmental protection. Some of the main questions raised recently by the public are addressed below: How much would the proposed metro cost and how would it be financed? The capital expenditure for the entire metro project, including the anticipated 40 trains, would be approximately €4 billion. Part of the capital costs of the metro link to Gozo (approxi-

mately €675 million) could be eligible for EU funds (for example through the Ten-T programme). Moreover, €1.575 billion would be financed by government bonds with maturity over 20 years. The remaining €1.75 billion would be paid by the national coffers, amounting to €175 million per annum over 10 years. What would the revenue and running costs be? Assuming a population of 500,000 by 2030, and 2.5 million tourists per annum (ie same as 2019), and only one in four using the metro for a return trip every day, then 53 million passengers would use the metro every year. To put this in perspective, nearly 58 million people used public buses in Malta in 2019. Considering a typical fare of €2 per trip, the target revenue from ticketing would amount to €245 million per annum. Revenue from leasing space in stations, and from advertisements, would generate a further €55 million per annum. The total target revenue would therefore amount to €300 million per annum. maintenance Considering costs on the whole metro system of €75 million per annum, en-

ergy costs of €15 million per annum, operating costs of €40 million per annum and a further contingency of €20 million per annum, the cost to run the metro would amount to €150 million per annum. How long would it take to recover the investment cost? Given target revenue of €300 million per annum and costs of €150 million per annum, and considering €40 million per annum to service the government bonds, the payback period to cover the full capital cost would only be 30 years. The payback period would be halved if one considers the indirect cost savings, notably the reduced loss of productivity, smaller health care costs, and an ameliorated well-being of the population. How long would it take to build? The metro would be built in three phases. The first (red) phase, would be 25km long with 13 stations, taking five years to construct. The second (blue) phase, would be 10km long with four stations, taking a further two years to build. The third (green) phase

would be 15km long with three stations, taking another three years to construct. Detailed studies would take five years prior to commencement of works. This amounts to a total duration of 15 years from the commencement of studies to the completion of the entire metro system. What about commuting time? The proposed Malta metro consists of a single metro line. It captures the densest zones of population (urban centres, tourist hotspots and business centres) with the shortest possible length of metro. It would take merely 32 minutes by tube to travel from the airport (MIA) to Victoria, Gozo, with a train departing every 5-10 minutes. The proposed metro would also address the key challenge facing Gozitans – that of being able to commute to key destinations in Malta quickly and reliably. What about the waste generated? The total amount of inert waste generated would be ~4 million m³. Subject to detailed environmental studies, the inert waste could be used for land reclamation to form a nature reserve.

This could be complemented by an offshore wind and/or solar farm, with the renewable energy created connected to the grid, thus offsetting the energy demands of the metro system. Are there small cities with metros? Small cities, including Lausanne, Rennes, Catania and Brescia, have metro systems.. Lausanne in Switzerland only has 140,000 inhabitants and is the smallest city in the world to boast a metro. Over 45 million people use the metro every year. Would the metro generate considerable employment? In addition to the hundreds of workers involved in building the entire system, the metro would create direct employment for well over 1,000 people, in addition to considerably more indirect employment to cater for complementary services. Dr Konrad Xuereb, is a Director at KonceptX, an architectural and structural engineering firm with offices in Malta and London. He holds a doctorate in structural engineering/future-proofing buildings from University College London.

e Malta Business OBSERVER

June 25, 2020

LOGISTICS

Logistics ﬁrm JetFreight focuses on tailormade solutions, even during COVID-19 Ray Bugeja Logistics company, JetFreight Ltd, have underlined their commitment to providing bespoke shipping and delivery services, with the firm’s Chief Executive Officer, Olvin Galea saying that this attitude persisted even during the challenging circumstances presented by the coronavirus crisis. “What matters to most to us at JetFreight is not what we have to sell but, rather, what the client needs from us,” Mr Galea asserted, adding that the company leaves no stone unturned to ensure it has another satisfied client. To this end, the company’s professional and loyal staff members familiarise themselves with the client’s operations and come up with a tailor-made system that extends from shipping, to delivery and up to the point when the cargo is stocked, he explained. The firm boasts access to the world’s major ports, and offers sea, road and air freight services, at highly competitive rates, through its global network of international partners. “We are a Malta-based logistics company with an international reach and operations. However, in Malta

we can focus all our attention on our customers, and we are able to give them individual attention,” Mr Galea continued. JetFreight is able to understand its clients’ needs for an expedient service at the right cost. It is also fully aware that companies need to have reliable logistics services for their own businesses to succeed. This is why JetFreight makes it a point to afford individual attention to clients: to see what their needs are and then to ensure they receive the type of service they require. On paper, JetFreight is a young company, having been set up less than three years ago. However, most, if not all, of its top executives and people in administration have been in the business for a good two decades. Also, many of the 30 or so members of the team are not new to the logistics industry, having already done such work before joining. JetFreight came to be after its executives were approached by Cuneo-based logistics and transport company Lannutti, with which they had a very longstanding business relationship. Lannutti, which is JetFreight’s main partner, has half a century

of experience in the industry, with offices in eight European countries, a team of over 1,800 professionals and a fleet exceeding 3,400 road and multimodal vehicles. Moreover, Lannutti has 350,000 square kilometres of warehousing. JetFreight has other partners too: Cargo Partner, a family-run business specialising in air and sea freight; UK-based Globelink Fallow, specialists in international freight to and from the UK; and DTL, which operates from Sicily. In addition, JetFreight works with a number of companies in the Far East, though not on an exclusive basis. Together, these partners offer a good mix of container and trailer groupage services. Indeed, Mr Galea pointed out that JetFreight benefits from its partners’ economies of scale, thus affording the firm great connectivity, while still allowing it to remain small enough to give individual attention to clients, ensuring they do not become a mere number. JetFreight offers weekly groupage services from across Europe to Malta, with the most popular hub being Milan, where it consolidates all its Malta-bound freight. Direct

“In Malta we can focus all our attention on our customers, and we are able to give them individual attention.”

weekly shipping trips are operated from the UK, Milan, Bologna and Naples, the CEO further explained. To Mr Galea, the company’s retail logistics is a feather in its cap. As such, it services Malta’s main retail communities twice a week using its dedicated vehicles. Recently added is the 3PL (third party logistics) service, which takes care of all of its clients’ requirements from the moment the cargo leaves its point of departure to when it reaches its final destination. JetFreight has also just launched a new trailer operation linking Sicily directly to Malta. In terms of the process, the CEO explained that once a client secures a sale, JetFreight is informed and immediately takes over, ensuring the product leaves

the supplier on time, is shipped to Malta, goes through port procedure and is delivered to the customer when needed. That, Mr Galea stated, leaves the client free to wholly focus on their core business. On how the entire chain was impacted during the pandemic, Mr Galea said that operations continued in the same manner even throughout the COVID-19 containment period, though, the CEO admitted that the volume of work dropped, also because a large number of factories in Italy had to shut down due to the lockdown imposed by the Italian government to reduce the spread of the virus. Mr Galea noted that the volume of work is now picking up continued on page 16

e Malta Business OBSERVER

| June 25, 2020

LOGISTICS

Volume of work in logistics sector is picking up, Jetfreight CEO says continued from page 15 again. He pointed out that the pandemic has taught everybody a lesson: to be more positive towards life and work in general. “True, the company’s turnover was adversely affected and the volume of work went down but everyone at the firm stuck together and worked to keep moving ahead,” the CEO maintained, noting that no job was lost within the company and no wages were cut. Workers are very dear to the company, Mr Galea added, saying that JetFreight made heavy investments in both staff and equipment, including its fleet. More recently, it also invested in an IT system that is able to screen all cargo and also track freight in motion in real time so that, both the company and the client, would know precisely what stage it has reached. The company has dedicated people to handle the delivery and all the trucks in the fleet carry tracking devices. The CEO explained that the company is very careful when employing people. “I want a team player,” Mr Galea insisted, adding that all staff members have experience in the field and showed ownership even in previous employment. There is hardly any staff turnover at management and administration levels, he underlined. This is also partly due to the focus given to training to ensure top performance, as well as the implementation of ‘Impact Consulting’, a programme affiliated to Leadership Alliance International, which was engaged to conduct coaching assignments, tailor-made to suit JetFreight’s requirements at an international standards level, Mr Galea added. Furthermore, as part of its continuous efforts to stress quality, the company also obtained ISO certification. Consolidating the customer base and being on the lookout for any new services it can launch always remain a priority to the company, the CEO asserted, stating this is a very price competitive industry. “There is a rate war every day. At times, it all depends on synergies and not on the quality of service offered. New synergies with new partners will reduce the time a truck spends on the road,” he explanied. Mr Galea acknowledged that patterns are changing in the

“New synergies with new partners will reduce the time a truck spends on the road.”

way retail is conducted. Online shopping is becoming increasingly popular, which could affect some sectors and the economy due to a chain reaction. Still, he agrees nobody can halt progress or change the future. What one can do is be prepared and move with the times and JetFreight Ltd is well-oiled to ensure the supply chain keeps running smoothly.

e Malta Business OBSERVER |

June 25, 2020

BUSINESS

Family businesses must be net contributors to COVID-19 recovery plan Ray Bugeja It is vital that family businesses and business owners position themselves to be net contributors to the COVID-19 recovery effort, according to the Family Business Office Regulator Joseph Gerada. “Responsible business owners want to be part of the solution and see an opportunity to shape the post-COVID world,” he said. Dr Gerada said family businesses had an especially hard time coping with the situation brought about by the virus. He explained that this was to be expected since family businesses normally suffer more when the local and international economy is going through a bad patch or a recession. However, he was quick to point out, the fact that family businesses are based on family relationships further ensures resilience and prosperity because the livelihood of the family often depends on the success and survival of the business itself. The Family Business Office Regulator admits that, before the Government intervened with a number of positive fiscal incentives and support measures, many small businesses that rely heavily on cashflow considered laying off workers due to loss of income. “Family businesses have experienced a harder time dealing with such situations and making the decisions that, to some, may seem to be the obvious solution. This is mainly because family businesses are made up of family members and having to decide whether the business is able to continue providing the livelihood of all these members is not an easy question to be faced with. Therefore, deciding to lay off some of the employees must have been the main problem that most family businesses had to deal with,” he said. Luckily, however, “with the timely intervention of the Government, many of these businesses were provided with the liquidity and the support measures required to retain their workforce or, at least, most of it, while adapting their business to be able to cope with

the changing demand,” Dr Gerada continued. As a result, he expressed his belief that family businesses in Malta managed to retain most of their employees and is certain that, as things improve in the coming months, there will be an increase in demand for workers. Reflecting further on the situation during the pandemic, Dr Gerada said that his office did not receive any specific requests for assistance by businesses considering closing down. However, there have been cases of family businesses modifying operations to make ends meet. Moreover, he said that businesses need to look at the opportunities which arose as a result of COVID-19, rather than simply see it as a challenge to be superseded, and “make the changes necessary to our business models so that, when faced again with similar unpredictable situations, we would be able to adapt with an increased level of agility.” Indeed, to help businesses broaden their perspective, the FBO, he said, has been liaising with the European Family Businesses, an entity which brings together family business offices, organisations, and institutes from 15 European member states including Malta, and attending its weekly meetings and webinars. The main aim, he continued, was to develop a system of mutual cooperation, consultation and the sharing of ideas and best practices, thereby putting each member in a better position to assist the local family business community. “By providing each other with weekly updates on how each Government intervened to assist businesses facing the problems the pandemic brought with it, we have been able to create a number of papers that were presented to the European Commission so it would continue creating policy and launching incentives that would help sustain European family businesses and the economy they contribute immensely towards,” he explained. As a result, “each member was able to build strategies and launch campaigns which have gone far in providing family businesses with the support re-

quired in such a difficult time, while also ensuring they, too, have a voice in the policy making process of the European Union,” Dr Gerada explained. What emerged from these meetings was that the same challenges were being experienced in each country represented at the EFB meetings, and it was, therefore, decided to prepare a paper highlighting the efforts of many family businesses that managed to adapt their business in such a way that they would be able to assist the community and also develop new revenue streams. “And what better way is there to provide support and guidance to those businesses that were feeling helpless than by sharing success stories with them, so they, too, would be able to explore different ways of creating new revenues for their business?” he asked. Based on this work, the FBO developed the One Nation-One Family campaign to “provide motivation and support family businesses, as well as highlight success stories in order to encourage other businesses to also explore their potential, despite the negative situation, transforming it into a learning experience,” he explained. Looking ahead, as the country now inches its way back to normality, Dr Gerada said it is crucial for family businesses to ensure a high level of responsible ownership and establish a long-term outlook for their business. Moreover, with most family businesses having acted responsibly throughout the crisis, one had the opportunity to notice the societal value of businesses, specifically through employment and the purpose they give to people, he explained. This, he added, highlighted the interdependent relationship between businesses and society. “Without businesses, governments and society are unable to function. Companies are the main protagonists in the management and mobilisation of resources. Without them, economic activity disappears, and people are unable to work, shop or travel. The greater the economic activity, the greater the productivity, the greater the employment and the higher levels of per capita income and quality of life.”

“What better way is there to provide support and guidance to those businesses that were feeling helpless than by sharing success stories with them, so they, too, would be able to explore diﬀerent ways of creating new revenues for their business?”

He also expressed his view that the crisis “has highlighted the importance of some often-undervalued sectors, namely retail and tourism. This awareness has helped businesses work towards an increase in public satisfaction. However, we are not completely there yet. This ability to improve our standing with the public is an opportunity we need to grab with both hands,” Dr Gerada asserted. Also, family businesses must use the lessons learnt to prepare themselves for similar situations in the future because it is a matter of when, not if, the next crisis will hit, he cautioned. Due to their long-term planning, family busi-

nesses tend to have a resilient nature, which also depends on strong balance sheets and stability, the Regulator pointed out, adding that family businesses need equity, sustainability, and long-term relationships. “Through the aims of their long-term survival and planning, family businesses can help governments plan for the long-term and also for future crises. Crisis resilient companies can help cocreate crisis resilient economies for the Government,” Dr Gerada maintained. He insisted that retaining the Business Transfer Incentive continued on page 21

e Malta Business OBSERVER

June 25, 2020

BUSINESS

e renewal of the Business Transfer Incentive is necessary for succession planning, FBO says continued from page 19 launched by the Government in 2017 – which expires at the end of this year – is now more necessary than ever. Planning for succession and the intra-family transfer of business process are the most important aspects of a family business, he maintained, and long-term ownership of family businesses is required to build the trust and values on which the future growth of economies can be based. Along these lines, Dr Gerada noted that increased taxation in the succession process is a constant threat with which some family businesses are faced. And, if the Business Transfer Incentive is not renewed, many business owners would be faced with the moral dilemma of either going for growth and pro-

viding employment – but leaving a larger tax charge for the next generation – or deliberately keeping their business smaller to avoid leaving behind a tax burden. In this regard, Dr Gerada said he felt it was up to businesses themselves to develop structures and strategies ensuring they build stronger foundations to remain resilient through thick and thin. His office, he noted, is there to help, and the incentives it offers to registered members are aimed at strengthening them financially, structurally, and culturally. In the next months, he said, the FBO will be working on new incentives to build upon the successful ones already in place, thus aiming at further providing for the needs of family businesses – the backbone of the economy.

e Malta Business OBSERVER

| June 25, 2020

BUSINESS OPINION

Paving the way to better digital inclusion Jesmond Bugeja The Malta Communications Authority (MCA) has been selected by the Government to implement and enforce the Web Accessibility Directive (WAD). Web accessibility is an inclusive approach to website and apps design which ensures ease-of-interaction, thus allowing access to those with physical, situational, or mental disabilities. Over the years, the Internet has become an integral part of everyone’s day-to-day life. It is a means to virtually connect with family and friends and shop for products and services. The Internet is also a necessary source for people to gather information on services offered by governments. Increasingly, services offered by governments to its citizens are more easily available online, providing an efficient alternative to face-to-face experiences. Investment in telecommunications infrastructure has made it much more affordable to access the Internet, and ever-growing bandwidth is allowing for a great user experience. Access to digital services is viewed as a fundamental human right. However, a section of the population living with disabilities find significant barriers to accessing the Internet in an adequate manner. The United Nations has included web accessibility in the Convention on the Rights of Persons with Disabilities (UNCRPD). Article 9 of the convention requires that appropriate measures are adopted to ensure access to information and communication technologies, including the Internet, for people with disabilities, and that such access should be on an equal basis to those without a disability. Being party to this convention, the EU and its member states including Malta, are committed to implement it. The WAD rules are focused to further develop a social and inclusive European Union for all Europeans to be active in the digital single market and society in general. The MCA is spearheading this assignment on behalf of Malta’s Government to make this a reality and to continuously improve the services offered to all Government websites and mobile apps. In 2020, we will begin monitoring a sample of websites, representing public sector entities, and evaluating them in relation to their accessibility. To ensure the effective implementation of this directive, the MCA

PHOTO: TYLER CALLEJA JACKSON has been consulting with a number of entities that are already actively engaged in this field and have recently signed two MoU's under the auspices of Hon. Clayton Bartolo. The Commission for the Rights of Persons with Disability (CRPD) in Malta will be assisting the MCA with an on-going awareness programme to ensure public sector entities, as well as the general public, are made aware of their respective obligations and privileges in relation to accessibility of Government websites and mobile apps. The message must be clear: accessibility features are essential to persons with disability and can dramatically improve daily life experiences. The CRPD will also aid in the drawing up of an initial list of public sector bodies whose online services are to be assessed. These will all receive prior-notification with procedural details. The CRPD will also provide feedback to ensure ongoing fairness and relevance in the monitoring method. Moreover, the MCA is also collaborating with the Foundation for IT Accessibility (known as FITA) and, through this collaboration, the MCA will tap into the resources administered by the Foundation. Since its inception almost 20 years ago, FITA has been the principal advocate and coordina-

tor of ensuring that information communication technology is accessible for those afflicted with a disability. FITA will be the experts carrying out the in-depth monitoring aspect of the WAD under the guidance of the MCA. Furthermore, any individual with a disability can now lodge complaints with the MCA. Thus, if public sector websites, and eventually, mobile apps, are not

“e Web Accessibility Directive rules are focused to further develop a social and inclusive European Union for all Europeans to be active in the digital single market and society in general.”

e Malta Business OBSERVER |

June 25, 2020

BUSINESS OPINION

accessible, the MCA has the power to seek a remedy. In order to finalise the Directive’s transposition into Maltese law, the Malta Communications Authority Act (Chapter 418 of the Laws of Malta) was amended, through the addition of the new Art. 4(3)(u) specifying that the Authority shall “monitor and ensure the accessibility of websites and mobile applications in accordance with the provisions of this Act”. In addition, through other amendments it confirms the jurisdiction of the authority in matters related to oversight, and the handling of complaints, as well as the adjudication and administering of sanctions in connection with Malta’s enforcement of the Web Accessibility Directive. The MCA thus has the regulatory powers to intervene in cases where there is a breach in relation to the lack of accessibility of public sector websites. The WAD requires all public sector entities in EU member states to implement, enforce, and maintain a uniform set of accessibility standards. The salient characteristics of the WAD include: Coverage of both websites and mobile apps of public sector entities – there are a few exceptions including, for instance, broadcasters, mapping services and live streamed events; A defined set of standards that can guide website and mobile app owners and developers make their website and / or apps more accessible; Enforces the publication of an accessibility statement for websites and mobile apps which describes the level of accessibility that has been achieved, highlighting any content that is not accessible and noting accessibility related contact information, amongst others; Stipulates that websites and mobile apps must offer a feedback mechanism which allows users to flag any accessibility issues they may encounter; Imposes the obligation for regular monitoring of public sector websites and mobile apps by member states which shall also include reporting. This reporting will need to be provided to the Commission and will be made public. When designing accessible websites or apps, one set of guidelines is considered – these are the Web Content Accessibility Guidelines (WCAG). The WCAG guidelines pivot on four main principles for web accessibility: perceivability, operability, understandability and robustness. The guidelines seek to confirm whether or not a particular website or app is accessible

MOU SIGNING: HON. CLAYTON BARTOLO, JESMOND BUGEJA (MCA), STANLEY DEBONO (FITA)

“e WAD requires all public sector entities in EU member states to implement, enforce, and maintain a uniform set of accessibility standards.” and, thus, usable by all including those with disabilities. The MCA aims to assess all public sector websites – approximating 700 in total – over the next seven years. This means that 100 websites per year will be monitored. These figures are based on a formula, calculated at EU level, and based on each member state’s population. For more information, visit mca.org.mt Jesmond Bugeja is the Chief Executive Officer of the Malta Communications Authority (MCA).

MOU SIGNING: HON. CLAYTON BARTOLO, JESMOND BUGEJA (MCA), OLIVER SCICLUNA (CRPD)

e Malta Business OBSERVER |

June 25, 2020

BUSINESS UPDATES

e complete ERP solution for a multi-brand distribution business Direct Store Delivery (DSD) refers to an essential distribution method that includes route and truck load planning, route sales and delivery, merchandising, mobile intelligence, inventory control, and route accounting. DSD is essential for companies who distribute Fast Moving Consumer Goods (FMCG) to other businesses. The key to growth and sustainability for distributors is to provide better customer satisfaction through speedy and effective route management, without increasing costs. They need to optimise resources, improve their invoice-to-cash cycle, and at the same time reduce operating costs per route. The optimal Enterprise Resource Planning (ERP) solution can help companies reduce errors, payment disputes, and administrative costs. Expected benefits include increased revenue, larger orders, faster and more accurate delivery, accelerated cash flow, smarter inventory management, improved customer loyalty, better perform-

ing sales and delivery reps, and reduced administrative costs.

MANAGE THE QUOTE-TO-CASH CYCLE WITH A MODERN ERP SYSTEM Distributors of any size face many of the same challenges, including rapidly changing customer demands, complex product inventories, and fluctuations in the supply chain. To overcome these issues, forward looking companies are implementing a single ERP solution that integrates and automates the entire quoteto-cash cycle. A modern ERP system for distributors provides tools to help manage sales ordering, pricing, shipping, sourcing, and billing – letting you streamline your business processes so all your information is in one secure location. With accurate, real-time information available, situations requiring attention can be identified early and addressed quickly.

DRIVE COMPETITIVE ADVANTAGE WITH A FLEXIBLE FIELD SALES PLATFORM Through DSD you will be able to integrate your field sales, distribution logistics, inventory management, invoicing, and payment collection; and enable your sales reps with access to relevant information quickly and efficiently while eliminating the errors that come with pen-and-paper order entry or legacy software.

It will also provide your field staff with mobile access to all customer, product, and sales information while on the road, as well as allowing your field reps to use any Android or iOS device – including offline functionality, so that they can access data and information from any location. DSD also drives even more sales by providing your sales reps with account-specific pricing for individual customers, based on what you know about customer preferences and order history. You can also give discounts and cross-sell and upsell promotions for different customers. Even when making a delivery, your field reps will be prepared to make a sale from anywhere, at any time. For more information on how Computime Software can help you optimise your distribution operation, increase customer satisfaction, and unearth new sales opportunities for route staff, visit www.computimesoftware.com/acumatica-erp or email info@computimesoftware.com

e Malta Business OBSERVER

June 25, 2020

BUSINESS UPDATES

Calamatta Cuschieri launches managed portfolio service

HSBC Malta launches innovative online Live Chat for commercial banking customers HSBC Malta is the first bank on the island to launch an online Live Chat service for businesses. This service is in line with the bank’s digitalisation strategy, further enhancing customer accessibility to HSBC. Live Chat is a digital service that enables customers to have a text-based real-time conversation with an HSBC Malta employee, while using HSBC’s business website, without the need to call the Contact Centre, or visit a branch. This service is available from 9am to 4pm from Monday to Friday.

Joyce Grech, Head of Commercial Banking at HSBC Malta, said: “Through this new online Live Chat service, HSBC continues to leverage technology to enable quicker and better access for our customers. HSBC’s Live Chat can be found on both the landing page and the Contact Us section of our website. Customers, as well as non-customers, may initiate chats in

English with our Commercial Banking Contact Centre agents. The Live Chat implementation follows the successful launch of the Virtual Assistant last February and is another milestone in HSBC Commercial Banking’s digitalisation strategy.” The new Live Chat service is available on the HSBC Commercial Banking website on www.business.hsbc.com.mt

Enemed, fuelling careers Enemed strives to give its employees the opportunities for upward mobility. Training and guidance is made available to everyone, throughout the year, with Enemed always looking for ways to grow, fostering its employees’ abilities and strengths, and, thus, enabling its employees’ careers to unfold. Enemed offers support and rewards employees’ energies and efforts, striving to let them know their work is appreciated. The company is continuously investing in the most advanced technology, thus improving employee productivity, and making the company’s business more efficient. For work opportunities at Enemed, visit enemed.com.mt/vacancies

Calamatta Cuschieri, Malta’s largest independent financial services Group, has launched its Managed Fund Portfolio service. The Managed Fund Portfolio (MFP) is a unique service that invests in a portfolio of UCITS funds which is actively managed by Calamatta Cuschieri’s dedicated investment management team. Apart from investing in high quality UCITS funds, major advantages include the active management and monitoring of the portfolio which gives investors peace of mind. The MFP is available in three strategies – namely Growth, Balanced and Conservative – each providing access to a diversified selection of mutual funds and offering a different approach for investment returns. Each investment strategy is thoroughly analysed and monitored by the management team on an ongoing basis and undergoes monthly adjustments, as necessary. Investors also benefit from a quarterly performance report which is further supported by the dedicated Financial Advisor included in the service. Alan Cuschieri, Calamatta Cuschieri’s co-CEO said, “the benefits of the MFP are significant and unique to Calamatta Cuschieri. It is a service we have thought hard about and which was designed to tick all the boxes for today’s generation of investors. We are proud of the result. The service invests in

cost efficient share classes of funds and I believe that this will become our flagship investment product in the years to come because it makes so much sense for retail investors.” Sergio Bellizzi, Calamatta Cuschieri’s Head of Retail & Distribution continued to say that “building on a growing customer demand for managed funds, we are delighted to be able to offer such a dynamic investment opportunity for our retail investors who can now participate with relatively modest investment amounts in a managed fund structure that is generally only available to discretionary investors.“ The Calamatta Cuschieri Group have been pioneers in the local financial services industry since 1972. The Group currently employs more than 160 people and offers a wide range of services including investment advice, life insurance, pensions, savings plans, online trading, wealth management, fund administration and marketing services amongst others. Calamatta Cuschieri is a founding member of the Malta Stock Exchange and the representative and the distributor for UBS Funds in Malta. Investors interested in the MFP may contact 2568 8688 or email info@cc.com.mt. Alternatively, investors can visit one of the five branches located in Birkirkara, Sliema, Qormi, Fgura and Mosta.