As more and more companies have turned to the Malta Stock Exchange (MSE) to raise funds from the public, a wealth of financial information about many of Malta’s biggest companies has become more easily accessible than ever.

That said, there was, until now, no single database of just how big these multi-faceted corporations are.

WhosWho.mt has delved into the financial information of all the 100+ publicly listed companies in Malta to find out more about Malta’s top businesses.

Every effort has been taken to ensure that the information is correct as at the date of each company’s latest financial update.

Below, a comprehensive list of all the companies on the Malta Stock Exchange holding total assets of over €200 million.

A few important notes:

• This list only includes companies that are listed on Malta’s stock exchange and therefore have an obligation to disclose their financial information. Local subsidiaries of foreign-owned companies, like one of Malta's largest employers STMicroelectronics, and most igaming and pharmaceutical companies, as well as locally owned major players that have not sought public funding, like Bianchi, Vassallo, Alf Mizzi or Gasan Groups, or OZO, go beyond the scope of this exercise.

FIMBank's headquarters in St Julian's

• Banks and insurance companies have a large amount of assets, dominating the top of the list, but this needs to be understood in light of their operational model and unique economic role. Since many effectively use their customers' money to do things like issue loans and invest in securities, their significant assets are balanced against similarly high liabilities, with the ratio of net to total assets typically being much smaller than it is for other kinds of companies. 

• Being listed does not mean that the firm has public shareholders. Many companies, if not most, prefer to keep ownership private, using the Malta Stock Exchange as an avenue for fund-raising using corporate bonds.

• Many of the companies on this list are family-owned, and a family’s holdings can be structured in such a way that segments of the business are not integrated in the group.

• On the other hand, some companies may have a majority shareholding in a subsidiary, with the total asset base reflecting the entire worth of that subsidiary, not just the part that is owned by the listed company in question.

The figures above should therefore be taken as indicative and the list as non-exhaustive.

Individual company notes

Corinthia Hotel London

6.  Corinthia Group

A true home-grown global player, CPHCL Company is the company behind Corinthia Group, via its majority shareholding in International Hotel Investments. Starting with a single hotel in Attard, it is now a major luxury hospitality company, owning and operating hotels across Europe, Asia and Africa. It also holds a 50 per cent shareholding in Mediterranean Investments Holding.

10.  Hili Ventures

The second-largest non-financial group of companies in Malta, Hili Ventures is the holding company for Premier Capital (operating McDonald’s in Malta, Romania, Greece, Lithuania, Latvia and Estonia), Hili Properties (holding real estate in Malta, Romania, and the Baltic countries), 1923 Investments (engaged in retail and technology solutions), and other subsidiaries involved in hospitality, port handling equipment, and container leasing.

12.  AX Group

One of the first local companies to tap into local capital markets, AX Group is an increasingly diversified group involved in real estate, construction, hospitality and healthcare.

The AX Group headquarters in Mosta

14.  Stivala Group

Largely focused on property development, rental and hospitality in the Sliema and Gżira area, Stivala Group has been growing rapidly over the last years. 

15. GO plc

The telecommunications giant’s subsidiaries include Cablenet, which provides telecoms in Cyprus, SENS Innovation Group, providing Internet of Things-powered energy management services for commercial buildings like hotels, and BMIT, offering data centre and hosting services.

16. Mizzi Organisation

With a long-standing reputation as one of Malta’s top movers and shakers in the business world, Mizzi Organisation is involved in auto sales (selling a quarter of all new cars in Malta and Gozo), beverages (being the local licence-holder for Coca-Cola), retail (Arkadia, Is-Suq tal-Belt, and a range of fashion retail stores), hospitality, real estate, contracting, and more. Mizzi Organisation is not to be confused with Alf Mizzi & Sons, another major conglomerate.

17. SD Holdings

SD Holdings may not be the most recognisable name in Malta’s business landscape, but its main brand, db, certainly is. Having two of Malta’s most popular hotels, the db Seabank and the db San Antonio, SD Holdings is also planning to develop a major new hotel overlooking St George’s Bay. It is also the local franchise holder for Hard Rock and Starbucks, and has a number of concept establishments like Nine Lives, LOA, Aki and Sonora. Through joint ventures with other companies, it also has interests in healthcare and catering services to care homes and airlines.

The db Seabank in Mellieħa, one of Malta's largest hotels / Booking.com

19. Malita Investments

The majority shareholder in Malita Investments is the Government of Malta. The company largely acts as landlord for public real estate, obtaining ground rent from Malta International Airport and Valletta Cruise Port, as well as from Valletta’s Open Theatre and the Parliament Building.

Pjazza Tigné at Tigné Point

20. MIDI

MIDI is the company granted a concession to use and develop Tigné Point and Manoel Island. The company’s major shareholders include Alf Mizzi & Sons, MAPFRE MSV Life, Gasan Enterprises, Mark Weingard, and Rizzo Farrugia & Co (for and on behalf of its clients).

21. Tumas Group

For close to two decades, Tumas Group could boast of having the tallest building in Malta, Portomaso Tower. While that has since been eclipsed by other developments in the area, Tumas Group, through its main subsidiary Spinola Development Company Ltd, is still a major player. It is largely involved in property development (including of the landmark The Quad business towers, in partnership with Gasan Group), hospitality and gaming, operating the Hilton franchise in Malta and a number of other hotels. It is also engaged in the development of large-scale property complexes where non-Maltese are exempt from limits on property purchases. It was formerly a major auto importer as well, but this segment was cleaved off from the main group when one member of the family struck off on his own, forming TUM Invest.

Artist's rendering of the revamped Farsons Brewery

22. Simonds Farsons Cisk

Rounding out the list of publicly listed companies holding total assets of over €200 million is none other than Simonds Farsons Cisk, the maker of Malta’s favourite beer (Cisk, what else?) and soft drink (the beloved Kinnie). It is also the local licence-holder of Pepsico’s line of beverages and the franchise holder for Burger King, Pizza Hut and KFC, as well as being a major alcohol and other foodstuffs importer in its own right. Through the recent renovation of The Brewhouse, Farsons is also increasingly involved in commercial property. A related company, spun off from the main group, is Trident Estates, also providing commercial space. The latter has total assets of €103 million, meaning that if the two companies were to be taken together, the Farsons-related group would be considerably higher up the list.

Special thanks to Steven Coleiro for his invaluable help. Any errors are the author’s own.