Various press reports have been reporting that Malita Investments is in dire financial straits. We have not yet taken a look at the financials, and we will publish an article about this aspect durign the weekend.
In the meantime, we have taken a look at the stock chart of Malita Investments and it looks like a slow train-wreck in the making. Incredibly, the stock is down by more than 50% since 2020 and it is down by 21.5% since it was first issued in the public market in 2012.
Th Chairman of Malita Investments has been replaced with the previous, corrupt ex-taxman, while Social Housing Minister Roderick Galdes has been accused of having backroom talks with the contractors involved with Malita Investments. He is also accused of corruption over a property purchase he made from a contractor who was rewarded a €27 million public tender on social housing.
Malita Investments have also confirmed that its current works have been suspended and a new company secretary has been appointed.
Opposition Leader Alex Borg is demanding Minister Galdes to resign.
We will publish our analysis of Malita Investments during the weekend.
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