A Hili Ventures bid to acquire Tigne Mall plc has succeeded, after the vast majority of shareholders accepted the company’s offer of €1.04c per share.

The company launched a takeover bid last month through its subsidiary Marsamxett Properties Ltd., which gradually accumulated a 49.68% stake in Tigne Mall Plc over 10 months.

It has now secured a deal to purchase a further 25 million shares in the company, amounting to an additional 45.18% of its share capital. That includes a deal with Mapfre MSV Life plc to buy out its 35.56% stake.

Hili Ventures now has until October 22 to pay those shareholders. Once it does so, it will own just under 95% of Tigne Mall plc, allowing it to squeeze out remaining shareholders under capital market rules and take the company private.

Tigne Mall plc owns and operates The Point Shopping Mall, one of Malta’s largest retail complexes. The company was established as a spin off from MIDI Plc, which originally owned the Tigne Point concession.

Hili has said it intends to maintain Tigne Mall’s staff and management and work to grow company revenue through investments and better use of its resources.

Tigne Mall made a €3.9 million profit after tax last year. Its shares were trading at €1 on Wednesday.

Hili Ventures is a diversified group operating in various European countries in a range of sectors, from hospitality and food service to real estate, retail, gas, shipping and logistics.

Although it owns shopping centres in other countries, its Tigne Mall buyout represents its first retail complex investment in Malta.

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