Company to invest a total of €3m a month over the next 16 months
AX Holdings recently marked the Company’s 40th anniversary with a reception at the pleasant surroundings of the Sunny Coast Lido in Qawra, where AX Holdings’ first hotel was built in 1982. The celebration event was presided by the President of Malta, Marie-Louise Coleiro Preca and a number of distinguished guests including cabinet ministers and members of parliament. All guests were welcomed by group chairman, Angelo Xuereb together with his wife Josephine and his children Richard, Claire and Denise.
While congratulating Angelo Xuereb and his family members for their determination and perseverance to take this organization forward, Her Excellency augured a bright future for the AX Holdings Group of Companies.
In his address, Chris Paris, a long term personal acquaintance of Angelo Xuereb and employee of AX Holdings, described Angelo as a person who was ahead of his time and a trend-setter who always challenged conformity. Mr Paris said that Angelo is a person with a creative mind and whose vision for the Company will help to take AX Holdings forward.
Angelo’s daughter Denise described her father as a role model and a mentor. Today she feels honoured and full of energy as she is involved in the development of AX Holdings. Ms Xuereb explained how the company has developed and changed into an organization with a corporate governance structure. The company is no longer a one man show. It has a board of directors which is made up of non-executive directors, who are experts in different sectors. Today the board of directors together with the company executives are the catalyst that are taking the company forward and breaking new ground.
In his address, Mr Xuereb explained that when he started the Company he was still a young lad however different to his peers he was determined and had a clear vision. He said that over the past 40 years the company has invested in a number of capital projects that has contributed in no small way to the country’s economic development. Today the company has over €100m worth of net assets and has a staff complement of 750. He said that he attributes his success to four key qualities namely, creativity, efficiency, challenges and determination. These values have always been an integral part of our vision and have contributed towards the Company’s success.
Mr Xuereb added that earlier this year the Company invested €7 m in the refurbishment of the Seashells at Suncrest Resort and next year the Company will be conducting refurbishment works at The Victoria Hotel as well as redeveloping the newly acquired Luzzu complex. Also towards the end of the year the Company will be venturing into a new business sector, healthcare, with the opening of the Hilltop Gardens Retirement Village in Naxxar. This brings the total investment to over €50m which works out at an average of €3m a month over the next 16 months.
In conclusion Mr Xuereb thanked his wife and three children who are now taking overs the reigns of some of the business sectors within the group and the directors, management and staff of AX Holdings, who have contributed in no small way towards the Company’s success. He also thanked the management and staff of AX Hotels for taking care of the catering and organizing the event.