Marsamxett Properties, a Hili Ventures company, has announced plans to acquire Tigné Mall p.l.c. , the publically-listed company that runs The Point shopping mall.
The Hili subsidiary has been gradually acquiring a major stake in the Sliema-based retail venture over the past years and now holds just over 49.68% of the issued share capital of Tigné Mall.
It is now out to buy the rest of the company’s shares, which are listed on the Malta Stock Exchange.
Marsamxett Properties said the board of directors of Tigné Mall was officially informed of its intention on Tuesday.
Details of the offer, including the buying price and terms and conditions, will be announced over the coming days with the publication of the Offer Document.
Tigne Mall p.l.c. shares closed trading at 95c on Tuesday.
The company’s second-biggest shareholder is Mapfre MSV Life p.l.c., which as of April 2023 held a 35.46% stake in the company. Malta’s two largest retail banks, HSBC and Bank of Valletta, also held significant stakes as of October 2023 at 12.81% and 16.7% respectively.
If Marsamxett Properties succeeds in acquiring 90% of the company, it will then be eligible to squeeze out remaining shareholders and assume sole ownership of The Point.
Tigné Mall in the first half of 2023 announced a pre-tax profit of €2.4 million.
It said at the time that its occupancy rate was very high, indicating a strong demand for premium retail space.
Tigne Mall p.l.c. was set up in 2013 after MIDI plc, which designed and built The Point shopping mall, sold its entire shareholding in the venture. Those shares were purchased by a combination of the previously mentioned institutional investors as well as members of the public.
The company's deed over land in Tigne expires in 2099.
Malta-based Hili Ventures is a diversified group active in food service, retail, real estate, hospitality, shipping, oil and gas, engineering, and technology. Through its various subsidiaries, the group owns a vast portfolio of commercial real estate assets across Europe, including shopping centres, health care facilities and office buildings.