Global Capital plc has sold all the shares held by its subsidiary Central Landmark Development in Metropolis Developments Ltd, Metropolis (Contracting) Ltd and M Plaza Investments for a total of €3.8 million.

The deal was initially announced in August and was completed this month.

"The divestment of this shareholding will enhance the company's flexibility in its finances while also enabling further investment in its front office infrastructure in line with the company's strategy to focus on growing revenues in its financial services division and improve efficiencies in its back office operations," GlobalCapital said.

Metropolis Development Ltd was building a €60m mixed use development in Gzira which was to include three high rise building of 13, 27 and 33 floors. It was to feature residential, commercial, health and fitness and leisure facilities.

Meanwhile, in an interim directors statement GlobalCapital said that in the period since June, its main lines of business registered a marginal overall decline in revenues compared to the same period last year. This was resulting in a delay of the company's return to profitability.

However, the life insurance business and investment services business had registered an upturn in new business with net inflows of premium and investment respectively when compared to the same period in 2009.

"While confidence is returning to the markets, the company continues to operate in a competitive and challenging environment," GlobalCapital said.

It said that its operational structure was being further streamlined through cost rationalisation which focusing on core profitable lines of business to cereate value to the shareholders