 | |
| MSE: STS | |
| Industry | real estate |
| Founded | July 14, 1987 |
| Founder | Tumas Fenech |
| Headquarters | Portomaso Business Tower, St Julian's, Malta |
Key people | Ray Fenech, Yorgen Fenech |
| Revenue | €107 million (av. 2010-2020) |
| Total assets | €454 million |
| Total equity | €293 million |
| Website | tumas.com |
The Tumas Group is a real estate and development company in Malta, founded in the 1970s by Tumas Fenech (died 1 February 1999). The group is headed by Raymond (Ray) Fenech. Tumas Group is active in online gaming, hospitality and leisure, management, property development, and transport and energy.[1]
Tumas Group is one of Malta's biggest companies, with a registered net equity of €293 million and total assets of €454 million, of which three-quarters consist of property. It averaged an annual €107 million of revenues and €13 million of profits from 2010 to 2020. The group fully owns some 25 companies, and its stocks are traded at the local exchange as Santumas Shareholdings, with a total market cap of €10.6 million. Its most popular brand is Portomaso, a complex of hotel, luxury apartments, restaurants and a casino in Paceville, St Julian's. [2]
The group founder Tumas Fenech died in 1999. The ownership of the company passed to his children: Leli, Ray, Moira, Carmen, Anthony and George. George Fenech, the eldest son, served as Chairman of the group, expanding the family business into hospitality and gaming, until his death in 2014. Raymond Fenech, the youngest son of Tumas, took over the group, with other family members. [3][4] In 2015 Antony Fenech exited the group and set up his own TUM Invest Group, retaining the automotive and healthcare arms of the Tumas Group.[5] Yorgen Fenech served as CEO of Tumas Group until his indictment in 2019, when Ray Feench took back the reins.
According to Mark Camilleri, the Tumas Group was created and expanded as "a textbook example of how local businesses grew by constant rent-seeking activities with the enabling and the backing of the state", with "political support across both major political parties". Tumas Group, Camilleri states, "donated to politicians and political parties across the board and did not shy away from making cross-political alliances. Its excessive influence and growth brought by irregular means and public resources gave Tumas Fenech and the group a sense of impunity and a sense of outreach with limitless potential."[2]
- ^ Tumas.com - Industries
- ^ a b Cite error: The named reference
markcamilleriwas invoked but never defined (see the help page). - ^ whoswho.mt
- ^ GB Readly
- ^ TUM Invest