Following the completion of its takeover bid for Malta-based ICT solutions provider Loqus Holdings plc, JFC Holdings Limited has increased its stake to 59.4 per cent, after acquiring 3,044,737 shares, equivalent to roughly 9.5 per cent of the company’s issued share capital.

According to the company’s latest announcement, the shares were officially transferred to JFC Holdings on 1st October 2025, with payment to shareholders completed today, 6th October 2025, in line with the terms outlined in the offer document.

Prior to this transaction, JFC Holdings already held 50 per cent of Loqus Holdings, meaning the company has now secured a majority ownership following the successful conclusion of the voluntary public takeover bid.

The board’s opinion

In line with Capital Markets Rules, Loqus had issued a formal statement outlining the board of directors’ opinion on the voluntary public takeover bid launched by JFC Holdings Limited.

The board, excluding members with conflicts of interest – Joe Fenech Conti and Ian Fenech Conti who are directly related – reviewed the offer document, and an independent expert report was prepared by Grant Thornton before issuing its views.

According to the board, JFC’s strategic vision for Loqus focuses on strengthening the company’s financial position, enhancing its technology infrastructure and pursuing growth through targeted investments and potential acquisitions.

JFC Holdings intends to reduce Loqus’ reliance on the UK market, expand into additional European territories and continue developing its openFleet product suite to boost efficiency and recurring revenue.

The offeror also aims to address long-term debt, improve financial transparency and position the company for future growth, potentially including a strategic sale at a later stage.

The board noted that the JFC does not plan any significant changes to employee conditions or the location of Loqus’ operations. Employees had been informed of the bid and expressed no objections.

However, JFC stated it may consider proposing the delisting of Loqus shares from the Malta Stock Exchange’s Alternative Companies List in the future.

In conclusion, the board believes the acquisition of additional shares by JFC Holdings is likely to be beneficial for the company, supporting its growth and financial stability.

The independent expert’s report deemed the offer price of €0.233 per share to be fair and reasonable, exceeding the market value of €0.15 at the time of assessment.