Streamcast curbs €7.2m sale agreement as promise of Maltese investment still unknown
Streamcast Technologies is yet to fulfil its plan to invest €75 million in Malta and is now defaulting on a promise of its sale agreement, a judicial letter filed in court by private company P&C Limited revealed.
In 2017, Enemalta and Streamcast Technologies signed an agreement to invest up to €75 million in the global data centre market, starting with the development of a secure data hub at one of the Maltese company’s underground installations at Marsa.
Through the agreement made three years ago, Streamcast was supposed to use Enemalta’s underground facilities to develop a Tier 4 data centre, building on the sites’ inherent structural stability and security coupled with round-the-clock stable and low-temperature conditions.
The company previously said that the investment was set to help Enemalta maximise the potential of its extensive underground infrastructure and international fibre optic connectivity.
It was reported that the judicial letter filed by P&C Limited seeks to enforce a promise of sale signed with Streamcast in March 2018 for the purchase of a block of offices in Marsa, according to an investigation by the Shift.
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An office block was meant to be sold to Streamcast for €7.2 million by the 8th March 2020, according to P&C Limited’s 2018 financial statements.
Data Economy reached out to Enemalta for comment regarding the letter filing by P&C Limited, to which the company is yet to respond.
Ing. Fredrick Azzopardi, Enemalta plc Executive Chairman, and Nimish Pandya, Chairman, Streamcast Technologies, Inc., signed a memorandum of understanding to launch the investment back in 2017, after several weeks of discussions, with the support of Malta Enterprise, but there has been no updates from the company since that time regarding the development of the project.
The Shift reported that P&C Limited, Melita and Enemalta are all trying to recover over €8 million in debts from Streamcast.
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