Tigne Mall plc shareholders are being offered €1.04c per share to sell out to Hili Ventures subsidiary Marsamxett Properties, an offer document published on Friday reveals.

The offer represents a premium of 4c per share over Tigne Mall’s price at the close of trading on Thursday. Shareholders have between September 16 and October 7 to accept the buyout offer.

Marsamxett’s offer effectively values the company at just under €59 million.

Tigne Mall owns and operates The Point Shopping Mall, a 15,000 m2 mall in Sliema spread across three floors that attracts roughly 2.5 million visitors every year. It holds a lease on the land until 2099.

Marsamxett Properties already holds a 49.68% share in Tigne Mall, having built up its equity in the company over the past 10 months. It is now seeking to fully acquire the company and take it private, de-listing it from the Malta Stock Exchange. It announced its plans to launch a takeover bid through a company announcement late on Tuesday.

Tigne Mall shares traded up on the news.

Marsamxett Properties’ offer document assures Tigne Mall plc employees that it has no plans to fire workers. Its aim, it says, is to grow the company’s revenue streams “via investments and/or optimisation of resources”.  The company’s existing directors will be kept until its next annual general meeting, Hili Ventures says.

Tigne Mall made €3.9 million in profit after tax last year on revenues of €8.5 million.

Hili Ventures is a Maltese-owned group with interests in a wide range of economic sectors, ranging from food to retail, real estate, hospitality, shipping, oil and gas and technology.

Through a network of subsidiaries, the group operates McDonalds franchises, Apple stores, container ports, warehouses, retail and business centres, solar farms, warehouses and many other businesses in 10 countries across Europe and North Africa.