Tigné Mall plc has announced significant changes to its Board of Directors, appointing Annabel Hili and Dorian Desira as non-executive directors, effective from 7th November (today).
This development comes in the wake of Marsamxett Properties Ltd’s acquisition of a substantial majority stake in the company. Marsamxett Properties Ltd is a subsidiary of Hili Ventures and the majority shareholder of Tigné Mall plc.
Annabel Hili brings extensive experience to the Board, having served as Chief Operating Officer at Hili Ventures Ltd since 2020. A lawyer by profession, she graduated in 2015 and is also a director at 1923 Investments plc.
Dorian Desira, the newly appointed Non-Executive Director, has held the position of Chief Financial Officer at Hili Ventures Ltd, with a career spanning various finance roles within the Hili Ventures Group since 1997. He is a Certified Public Accountant (CPA) and a fellow of both the Malta Institute of Accountants and the Association of Chartered Certified Accountants.
Mr Desira is currently a director of Premier Capital plc, Hili Finance Company plc, 1923 Investments plc, and Harvest Technology plc.
Dr Hili and Mr Desira also serve as directors of Marsamxett Properties Ltd.
These appointments follow the resignation of Marzena Formosa and Etienne Sciberras, who have stepped down from their positions on the Board.
The Board of Directors expressed its gratitude to Ms Formosa and Mr Sciberras for their unwavering commitment and significant contributions to the company, wishing them success in their future endeavours.
The restructuring of the Board aligns with Marsamxett Properties Ltd's strategic moves, which began with its acquisition of shares in Tigné Mall plc in 2023.
The company amassed over 49.68 per cent of the share capital before proceeding with a voluntary public offer to buy out the remaining shareholders. The offer period closed on 7th October, with the holders of 25,483,208 shares – just over 45.18 per cent of the total share capital – accepting to sell their holding.
This included Mapfre MSV Life plc, the second largest institutional shareholder, which held a 35.56 per cent stake.
Payment to the outgoing shareholders was set for completion by 22nd October 2024.
Following these transactions, Marsamxett Properties Ltd now holds approximately 94.87 per cent of Tigné Mall plc’s issued share capital. As the company has surpassed the 90 per cent threshold, it has initiated a squeeze-out process, compelling remaining shareholders to sell their shares at €1.04 per share. This step led to an application for the de-listing of Tigné Mall’s shares from the Malta Stock Exchange.
This acquisition marked a strategic addition to Hili Ventures’ portfolio, being the first retail complex in its Malta holdings.
Hili Ventures operates across diverse sectors, including food service, retail, real estate, hospitality, shipping, oil and gas, engineering, and technology, with an extensive portfolio of commercial real estate assets across Europe.