Stake of Enemalta to be sold to Chinese still to be negotiated - PM

Prime Minister Joseph Muscat this morning denied that the stake of Enemalta sold to the Chinese is 20 per cent, as claimed yesterday by PN leader Simon Busuttil. Dr Muscat told timesofmalta.com he did not know from where Dr Busuttil got this figure. He added that the extent of the stake still has to be negotiated with the Chinese before the formal agreement is signed in the coming months. A memorandum of understanding was signed yesterday between Malta and China providing for a state-owned China Power Investments to inject 'tens of millions' into Enemalta and become a minority shareholder. In a statement this morning, the Labour Party said the Chinese investment would help Enemalta regain its foothold while protecting jobs and create new quality ones. The company would be investing in renewable energy and in an energy centre to service companies in the region. The Nationalist government had left a corporation overcome by problems and scandals leading it to the brink of failure and putting jobs in danger. This Government was looking ahead and making great acquisitions in sectors where the previous administration had failed.