Last Updated on Thursday, 2 July, 2020 at 1:35 pm by Andre Camilleri
Minister for the Economy, Investment and Small Businesses Silvio Schembri witnessed the lifting of the roof structure for the new SR Technics aircraft hangar in Malta, a project which is part of the company’s €40 million investment plan creating 520 jobs.
‘This is a momentous milestone in the history of our aviation industry which is about to take shape. We are witnessing how the seeds sown have borne the desired fruit, with the expansion of SR Technics, through the construction of a brand new modern multi-bay hangar facility, a made in Malta project, which also caters for wide-body aircraft. The positioning of this extraordinary roof structure, which in itself is a feat of engineering, is another demonstration of SR Technics’ avid commitment to its host country as well as in placing the company in a better position to service other airlines’, said Minister Schembri.
Over 20,000sqm, the project includes workshop space and the new infrastructure which will ultimately utilise some 1200 tons of steel upon completion, and will aid SR Technics in increasing its capacities to accommodate up to six-narrow-body aircraft at once, for maintenance such as C-checks, modifications and retrofits.
Minister Schembri announced the publishing of a new cell companies act that will serve to attract more aviation business. The broadening of the law to accommodate cell companies in the shipping and aviation industries should now yield diverse opportunities within these sectors amongst investors, charterers and financiers within the industries. One of the most important benefits emerging from this structure is that the assets and liabilities of each individual cell are considered as a distinct patrimony and therefore considered as separate from the core cell company and from other individual cells.
‘We want these structures to be a success story and for Malta to continue building a stronger reputation in these sectors. The regulations are providing the opportunity for companies already registered in the Maltese Register of Companies to expand their operations and to segregate their assets and liabilities, where they deem necessary. Given Malta’s geographical position and given that Malta has several experienced professionals in this field, these regulations can attract new businesses that consider it beneficial to operate in such a reputable jurisdiction, even if their business has not been previously registered in Malta, as under the regulations companies can be incorporated directly as a cell company’, explained Minister Schembri.
During his address, Minister Schembri asked all workers to join him for the press conference, praising them for their hard work and encouraging them to continue working hard as more projects were underway.
‘We are here celebrating this milestone because of you. Our own natural resource. We are witnessing the commitment, dedication and effort of some 250 employees on a daily basis. I assure you that what we have achieved so far thanks to you is nothing next to what we will be achieving in the future. You are the reason of success of our country’ said Schembri.
Chairman of Malta Enterprise William Wait reiterated Malta Enterprise commitment to be reliable partners in adding value and creating growth for our FDIs and the other local businesses that benefit from their presence and better paid jobs for our employees.
Malta Industrial Parks Chairman James Grech explained that as part of our ongoing commitment towards supporting the aviation industry grow and consolidate in Malta, Malta Industrial Parks will be investing over 13 million euro in the upgrading of Taxiway LIMA. Forming part of our infrastructural investment program for the coming years and in line with our strategy for the aviation sector, this project will provide better access to the facilities on this side of the airport and enable companies operating here to target clients they were previously unable to service.
Malta Business Registry Registrar Joe Farrugia explained that through the new legal notices each individual cell in a cell company should be assigned its own distinct name or designation. Each structure will only need one board of directors and one set of M&As. On the basis that all the necessary formalities are abided by and the cell company is successfully established, it is relatively quick for new cells to be set up and begin operations. This is also subject to the necessary disclosures regarding beneficial owners are made. ‘All in all, this will provide wider opportunities for companies operating in the shipping and the aviation industry’, said Farrugia.
SR Technics General Manager Arthur Magri said that the finalisation of SR Technics’ new state of the art facility marks an important step forward in the company’s project. ‘We believe that the support the Government has shown in the past years will continue to be an important partner in the months to come. Our planning is showing that we will be transitioning in between facilities as from Oct 2020 and in beginning 2021 we will be operating fully from the new facility thus the next six months are critical to develop and re-shape our organisation and be in line with how the market will develop. SRT truly believes that investment in its facilities and its employees are the keys for success’, said Magri.