AX Group has announced its subsidiary, AX Real Estate Ltd, is in the process of being made public, with the intention, should the move gain regulatory approval, of listing shares and issuing bonds via the Malta Stock Exchange (MSE).

Detailing the proposed listing pursuant to Malta’s Capital Market Rules, the group revealed it has begun the process of converting the company into a public limited liability company ‘AXRE’, and intends to submit an application to the Malta Financial Services Authority (MFSA) for the public offering and bond issuing.

An initial 33,333,333 ordinary shares, of a nominal value of €0.125 per share will be offered to the public, subject to an over-allotment option which, if excercised, would increase the offer to up to an aggregate of 50,000,000 shares.

As part of the bond issue, €40,000,000 worth of 3.5 per cent unsecured bonds of a nominal value of €100 per bond, redeemable in 2028 will be made available.

Should the MFSA grant the company permission to proceed with the share offer and bond issue, the company commented offerings will be made available for all categories of investors, including the general public through authorised financial intermediaries.

Preference will, however, be granted to those investors who, at an as yet unspecified date, already held securities issued by the company, or AX Investments plc, it said.

Further details on the combined bond and share offer, the company added, will be provided in due course, including through the publication of a prospectus drawn up by AXRE for approval by the MFSA.

AX Real Estate was formed in 2020, through its parent group’s consolidation of property letting activities into a new business unit.

It currently manages several “highly desirable” residential and commercial spaces on both the long and short-term lease markets.

Main Image:

AX Real Estate's Clover Apartments development

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