Owners of oil and gas company Medserv have identified an unnamed bidder to take over a majority stake in the firm. 

The company’s two major shareholders, directors Anthony Diacono and Anthony Duncan said in May they would be putting their shareholding in the company on the market.

They own roughly 65 per cent of the company between themselves. 

In an announcement on the Malta Stock Exchange on Friday, the company said that it had selected a preferred bidder among non-binding offers from interested parties.

The majority shareholders will now begin negotiations with the preferred bidder with the hope of concluding a binding offer which would trigger the requirement for a bid in terms listing rules.

The bidder will be named and their offer made public if an agreement can be reached.

Times of Malta reported last year that a number of companies had shown interest in owning a majority stake in Medserv, and signed a non-disclosure agreement.

The Medserv group is listed and headquartered in Malta but it operates in seven countries – Malta, Oman, UAE, Iraq, Cyprus, Portugal and Egypt. It is also targeting new markets.