db Group Founder Silvio Debono And Wife Distribute €2.8 Million Shares Between Their Children After Pembroke Project Greenlit
db Group Chairman Silvio Debono and his wife Veronica have completed the process of distributing his shareholding in SD Holdings Limited among their four children.
This move follows Debono stepping down from the helm of db Group in October 2022.
This news comes hot on the heels of Debono winning the case to continue his massive Pembroke project.
Heavily contested by NGOs for its effect on the surrounding area Debono said:”This has been one of the most scrutinised projects in local history, and the truth has finally prevailed. We now look forward to delivering this world-class project.”
Business Today reported that Debono transferred 1,400,000 ordinary shares, with a nominal value of €1 each, equally among his children—Robert, Victoria, Alan, and David. Additionally, Debono’s wife, Veronica, transferred ownership of another 1,400,000 shares to the four children. In October, the siblings assumed key positions within the Group.
Robert Debono became the CEO, focusing on driving the Group’s business and investment strategy.
David Debono, a lawyer, took on the role of chief legal officer, overseeing legal matters and human resources.
Alan Debono became the chief procurement and accounting officer, responsible for financial and purchasing policy and execution.
Victoria Debono became the Brands Manager, tasked with nurturing and expanding the group’s brand portfolio in Malta and globally.
Silvio Debono attributes the success of the db Group to staying true to its roots and embracing “Maltese prudence.”
He began his business journey by collecting discarded soft drink bottles as a teenager and worked his way up to owning a bar and a guest house. Today, the db Group employs around 4,500 people.
In other news, the Group received news as Chief Justice Mark Chetcuti ruled against local councils and NGOs that had filed court challenges to the development of the DB project on the ITS site in Pembroke.
The court decisions ended a years-long battle by NGOs and residents to halt the development. The project plans include a 5-star hotel, residences, office space, a shopping mall, restaurants, and a car park.
Despite objections from residents and NGOs, the court ruled in favour of the project, stating that the applicable local plan had been followed. The Group looks forward to delivering the world-class project.
The article concludes by mentioning that lawyer Claire Bonello represented the appellants, while lawyers Ian Stafrace and Stefano Filletti represented the DB Group.
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