Curmi & Partners

New Issues

Euro Thirty-Two and a Half million Malita Investments plc.

Malita Investments p.l.c. has announced that it has obtained approval from the Malta Financial Services Authority (“the MFSA”) for the issue and listing of new ordinary shares via a rights issue (“the Rights Issue”) – 4 new shares for every 9 shares held.

Malita is an investments holding company focused on the acquisition, development, and management of immovable property. Malita’s income is based on long term rental and lease agreements with high quality tenants. Government has c.80% of the holdings in the company.

Basic features of the offer:

  • The Company will be offering the shareholders appearing on the register (“the Existing Shareholders”) as at 20 February 2024 (“the Record Date) the opportunity to subscribe for a total amount of up to 65,825,806 new ordinary shares, pursuant to the Rights Issue, at a price of €0.50.
  • The net proceeds from the issue of the new ordinary shares, which net of issue expenses are expected to amount to up to €32.5m, will be utilised by the Company towards part-financing the required capital expenditure for the Affordable Housing Project. The balance is being financed through reputable credit institutions.
  • Malita has a consistent track record with respect to dividend payments, supported by its highly visible income profile. Its policy is to pay interim and final dividend each year and has done so regularly throughout the years. Malita aims to continue distributing total gross dividends to shareholders amounting to an estimated €0.0350 per share, equivalent to an estimated gross dividend yield of, at least, 7% on the Rights Issue price.
  • The Company has irrevocably undertaken to allocate an aggregate amount of up to 20,846,827 shares (out of total 65,825,806) that will be available pursuant to Lapsed Rights to institutional investors entering into Placement Agreements with the Company. This allocation is intended to provide the opportunity to the general public who are not existing shareholders to participate in the issue. The minimum subscription amount that Applicants may subscribe for is 1,000 New Ordinary Shares and in multiples of 100 New Ordinary Shares thereafter.

Expected Timetable:

  • FAAEs mailed to Existing Shareholders: 27th February 2024;
  • Application Forms available at Financial Intermediaries: 28th February 2024;
  • Commencement of Offer Period: 28th February 2024;
  • Placement Date: 13th March 2024;
  • Closing of Offer Period: 14th March 2024;
  • Announcement of the results of the Offer: 25th March 2024; and
  • Expected date of commencement of trading: 2nd April 2024.

 

If you are interested to apply, please reach out to your client manager.

Please click here for more colour on the issuance and to read the Offering Documentation.

Disclaimer

Curmi & Partners Ltd is acting as an Authorised Financial Intermediary for this financial instrument. This communication should not be considered as investment advice or recommendation with respect to this financial instrument and the information provided herein is for informational purposes only. No tax, legal or any other ancillary regulatory advice is provided in this advertisement. The information contained in this advertisement is based on public information and reflects the Offering Documentation of the financial instruments, with the information being accurately reproduced and no facts have been omitted which would render the reproduced information inaccurate or misleading. However, Curmi & Partners Ltd has not independently verified the information it has obtained from sources that it believes to be reliable. Investors are urged to read the Offering Documentation when considering whether to invest in this financial instrument. The value of investments can fall as well as rise and past performance is no indication of future performance. Curmi & Partners Ltd is acting on a non-independent basis and may receive inducements from the Issuer of the securities.

 

This advertisement was approved for issue by Curmi & Partners Ltd, which is licensed to conduct investment services business under the Investments Services Act (Cap 370 of the Laws of Malta) by the MFSA and is also a Member of the Malta Stock Exchange. Curmi & Partners Ltd’s registered address is at Finance House, Princess Elizabeth Street, Ta’ Xbiex, XBX 1102.”