Church-owned APS Bank on Monday announced an application for listing on Malta Stock Exchange (MSE), laying the groundwork to raise equity capital for the first time in its 112-year history.

According to the announcement, the firm intends to offer 100,000,000 ordinary shares for sale, and an additional 10,000,000 new ordinary shares via an over-allotment option.

The initial issue price will be set at €0.62 per share, with new shares offers for subscription to the general public and preferred applicants.

The “landmark” move to float shares in the bank was first raised in its financial report for 2021, in which CEO Marcel Cassar explained: “This long-awaited step is not a goal of prestige but an integral part of the plan agreed years back with the shareholders that sees us on a path of growth also through the diversification of the shareholder base.”

“Our strategy of being a leading community bank has become increasingly about being a pillar of support for Maltese businesses and families, as the experience of recent years has shown. We look forward to the coming months with optimism for the successful execution of this important project,” he added.

In its latest announcement, the bank shared that it has entered into pre-allocation agreements with a number of authorised financial intermediaries and investors, with some of them being offered discounted prices, depending on the total euro amount invested.

The bank is currently majority owned by AROM Holdings, which is owned by the Archdiocese. The second largest shareholder is the Diocese of Gozo.

Further details on the proposed listing and IPO, including the method of application for new shares and the timetable for the offer period, will be included in the prospectus to be published in due course.