Tum Finance plc is the holding company of Easysell Limited & Center Parc Holdings Limited. It is owned by the Tum Invest Ltd whose ultimate beneficial owner is Mr. Anthony Fenech.
Tum Finance plc’s primary role is to act as finance holding company. The business is conducted primarily through the Easysell Limited & Center Parc Holdings Limited. The chart below shows the current structure of the Group.
The current authorised share capital of Tum Finance plc is €20,000,000 divided into 20,000,000 ordinary shares of €1 each. The issued share capital is €17,693,000 divided into 17,693,000 ordinary shares of €1 each.
The current authorised and issued share capital of Easysell Limited €1,164,686.50 divided into 500,000 ordinary shares of €2.329373 each.
Tum Finance plc was duly incorporated and registered under Maltese Law as a public limited liability company on the 26 March 2019 with registered address in Qormi, Malta.
Tum Invest Limited was duly incorporated and registered under Maltese Law as a private limited liability company on the 16 March 2015.
Tum Operations Limited was duly incorporated and registered under Maltese Law as a private limited liability company.
Easysell Limited is wholly owned by the Tum Operations Ltd. Easysell Ltd. deals with property primarily for commercial purposes.
Situated next to one of the island’s major traffic nodes, Center Parc is set to become a major retail destination for all the family.
Executive Director
Executive Director
Mr Silvan Fenech holds directorships in various companies within the TUM Invest Group of companies, including Easysell Limited, Tum Properties Limited, Motors Inc. Limited and MSF Trading Limited, and also within the company’s majority owned by the group, including Center Parc Holdings Limited. Formerly, Silvan held several management roles in companies that fell under the Tumas Group of Companies, and in entities such as the Valletta Gateway Terminals where he was instrumental in the acquisition by the Group of the concession rights over the cargo terminals in the Grand Harbour. As a result of his active role in port and cargo related matters, Silvan contributed significantly to the drafting of various pieces of port operations-related legislation and policies. Today, Silvan is spearheading a number of real estate developments including Center Parc Property, and Zentrum Business Centre, a commercial hub and office centre, and Motor Village the largest vehicle showcase on the island. He is also behind the development and commercialisation of more than 1200 apartments spread over various sites. Concurrently he also oversees the activities of La Cava Operations Ltd which is involved in the operation of a quarry.
Executive Director
From a very young age, Matthew was involved in the running of the family business, namely the Tumas group, particularly in the automotive branch of the Group. His expertise lies in the overall management and operations and the deep knowledge of the industry and its market. During his years working within the group, Matthew amassed a wealth of experience and has fostered a sense of innovation in his management style and approach to business development of the companies. In 2011, Matthew was officially appointed managing director of Cars International Limited, the official representatives of Opel and Kia in Malta, which eventually merged with another leading car importer to form the company Motors Inc Limited whose portfolio includes other major brands namely Alfa Romeo, Jeep, Fiat, Iveco, and Hyundai. Under Matthew’s direction as chief executive officer, the company has grown from strength to strength and is now one of the foremost automotive groups on the island. In recent years, Matthew has diversified his portfolio of responsibilities to include the importation and distribution of medical products and traffic management systems through his involvement in other associated companies within the Tum Invest Group, namely A.T.G. Co Ltd and CVA Technology Co Ltd.
Independent & Non-Executive Director
Dr Portelli is a lawyer by profession having obtained his doctorate in law from the University of Malta in 1995. He is currently partner with GS Advocates focusing on assisting corporate clients in particular in the field of shipping, aviation and employment. From 2013 onwards, he acted as chief executive officer of the Authority for Transport Malta having overseen the amalgamation of the previously three transport regulatory authorities, namely Malta Transport Authority, The Civil Aviation department and the Malta Maritime Authority into one. Prior to that since 2009 he acted as chief operations officer of the Malta Maritime Authority.
He currently acts as a non-executive director on a number of Maltese companies involved in various cross-border and overseas activities including fund management. He currently serves as non-executive director of Melite Finance plc, currently listed with the Exchange, of JD Capital plc listed on Prospects MTF of the Exchange and of Homechoice International Limited, listed with the South African stock exchange.
Independent & Non-Executive Director
Mario Vella joined Barclays Bank in Malta in 1969 and has occupied several positions within the bank concluding his career with HSBC in 2013 in the role of Head of Corporate Banking in which position he was responsible for the major share of the Bank’s lending portfolio and its largest corporate customers. He has been involved in driving through major changes in banking strategies especially on Mid-Med Bank’s take-over by HSBC. In 2013, after 43 years in banking, Mario moved to KPMG as Director, Deal Advisory. In this role he served as consultant to several companies. He helped clients restructure and refinance their trading activities and raise financing for new ventures. He has participated in putting together high profile mergers and other significant business deals.
Mario retired from KPMG in August 2017 but continues to provide consultancy services to various businesses. He presently also sits as non-executive director of Mercury Projects Finance plc, Agribank plc and Hili Finance Company plc. He sits on the Audit Committee of all three companies and chairs the audit committee of Hili Finance Company plc.
Independent & Non-Executive Director
William is the Chairman of Malta Enterprise, a post to which he was appointed in July 2016. Malta Enterprise is the Government’s Investment Promotion agency facilitating private investments in Malta.
Prior to this appointment he was the Executive Chairman of Water Services Corporation, which is the supplier of Malta’s Water and manages the Island’s Waste Water.
Up to June, 2017 he was the Executive Chairman of Projects Malta Limited which is the Government’s entity promoting and facilitating Public Private Partnerships and other National projects. He also occupied the post of Chairman of Projects Plus Limited which is the technical arm of Projects Malta Limited.
Today he serves as a director on various Maltese and foreign companies operating in a wide spectrum of industries including generation of alternative energy, hospitality, property development, international trading and manufacturing. He also serves as director of the Toly Group and as a member of this group’s remuneration committee. For 23 years William occupied various executive positions with Toly, the latest being that of Group Deputy CEO.
Pre 2013, William also served on various Maltese Government Boards and Councils including the Employment Relations Board and the M.C.E.S.D. – Malta Council for Economic and Social Development. During Malta’s presidency of the Council of the European Union, between January and June 2017, William served as the Chairman of the Working Party for Industry, within DG Grow.
32 Tum Finance plc – Registration Document
William has a B.A. (Hons.) Accountancy degree, is a Fellow of the Malta Institute of Accountants, and holds a Certified Public Accountant (CPA) warrant.
Company Secretary
Malcolm’s areas of specialisation are mergers & acquisitions, capital markets, aviation and ship finance, insurance, pensions and gaming law. He assists local and foreign clients on legal, regulatory and licensing aspects of each of these areas as well as related corporate and commercial matters. He frequently advises clients on projects comprising a combination of his areas of specialisation, particularly those that have a capital markets or an M&A dimension.
Tum Finance plc has established an audit committee made up of three (3) independent non-executive Directors. As at date of this Registration Document, the members of the Audit Committee are Mario Vella, William Wait and Stanley Portelli. Both Mario Vella and William Wait have relevant experience and competence in accounting matters. Mario Vella shall chair the Audit Committee.
The Audit Committee shall as a minimum meet four (4) times a year. Members of the Audit Committee are prohibited from being present at and voting at any meeting in which a contract, transaction or arrangement in which such member is interested is being discussed.
The Audit Committee fulfills an oversight role. Primarily, its responsibility will consist in reviewing the financial reporting process and the quality and integrity of Tum Finance plc’s financial statements, the adequacy of internal systems, the audit process and Tum Finance plc ’s process for monitoring compliance with laws and regulations and with the requirements of the Listing Rules. Tum Finance plc will maintain an effective working relationship with the Directors, and Tum Finance plc’s external auditors. Since Tum Finance plc relies on the Tum Operations Ltd for repayment of principal and interest on the Bond, the Audit Committee will also maintain an effective working relationship with the company and its external auditors. It will also maintain the same relationship with the Tum Invest Ltd given the day to day management of the Tum Finance plc has been delegated to this company.
SAGA Juris Advocates
Sciriha, Attard Montalto, Galea & Associates
58, Old Bakery Street
Valletta VLT 1454
SPONSOR & REGISTRAR
Calamatta Cuschieri Investment Services Ltd
Ewropa Business Centre
Triq Dun Karm
B’Kara
MANAGER
Lombard Bank Malta p.l.c.
67, Republic Street
Valletta VLT 1117
REPORTING ACCOUNTANTS
Deloitte Services Limited
Deloitte Place,
Mriehel By Pass
Mriehel BKR 3000
AUDITORS
Deloitte Audit Limited
Deloitte Place,
Mriehel By Pass
Mriehel BKR 3000
Deloitte Audit Limited is a firm of certified public accountants holding a practicing certificate to act as auditors in terms of the Accountancy Profession Act (Chapter 281 of the laws of Malta).
REGISTERED ADDRESS
TUM Finance p.l.c.
Tum Invest, Mdina Road
Qormi, QRM9010
Malta
BUSINESS HOURS
Monday - Friday
08:00 - 17:00