I think you will find that Air Malta will be in dire straits when Malta joins the EU in May 2004. That will put an end to its monopoly in Malta. They are already busy trying to re-invent themselves as a low cost airline.
Just checked their website, and it has the following information: -
Sale Of AZZURRAair S.P.A. Not Yet Concluded
Date: Monday, 15 December 2003
Ref: 086-2003
Air Malta refers to a number of media reports that have appeared over the last few days regarding the sale of AZZURRAair S.p.a to 7 Group p.l.c.
Air Malta wishes to confirm that it still currently holds a 49% shareholding in Azzurrair S.p.a.. Further details will be given when and if the sale of AZZURRAair S.p.a. to 7 Group p.l.c., is concluded.
CG