APS Bank has received orders for just under €30 million of new shares that it placed on the market after its majority shareholders, the Archdiocese of Malta and the Diocese of Gozo, gave up their rights as part of an effort to reduce their stake in the bank.

This means that the Church's ownership of APS Bank will continue to decrease from the current level of 67 per cent.

The decision by AROM Holdings Ltd not to participate in the rights issue means that the Archdiocese of Malta is longer the sole majority shareholder in the bank.

The 67,648,793 new shares not taken up by the Maltese and Gozitan dioceses were offered to parties capable of investing a minimum of €500,000 at an offer price of €0.44 per share.

The full take-up of the offer raised €29.77 million, which the bank said will "step up growth, both organically and through acquisitions, while further consolidating its market position."

APS Bank described the outcome as a “strong vote of confidence,” thanking both existing and new investors for their participation.

The full placement of new shares initially allocated to the Church to other investors will now be followed by the offer of the remainder of the €45 million rights issue.

The total of just over €15 million will be offered to the bank's other existing shareholders, with any shares not taken up then offered to the general public, always at the price of €0.44 per share.

This development follows the 2022 Initial Public Offering (IPO), when the two Church entities began reducing their holdings, paving the way for over 3,300 new shareholders and a free float of around 30 per cent.

Despite the dilution, both AROM and the Diocese of Gozo have reiterated their support for APS Bank’s strategic growth plans.