Malta-based ICT solutions provider Loqus Holdings plc has been notified that JFC Holdings Limited plans to make a takeover offer for its remaining shares.

Records from the Malta Business Registry show that both JFC and Loqus are linked to the same individual – majority shareholder and CEO Joe Fenech Conti –  suggesting an attempt to take the company private. The offer price per share has not yet been disclosed.

In response, Loqus Holdings’ Board of Directors has established an independent committee to assess the potential effects of the proposed takeover. 

The committee will evaluate the impact on the company, its employees, employment conditions and the locations of its business operations.

As a precautionary measure, the company has requested the Malta Financial Services Authority and the Malta Stock Exchange to temporarily suspend trading of its shares. According to an official company statement, the suspension is expected to be lifted once the formal takeover offer period begins.

In a separate statement issued on Tuesday (today), Loqus confirmed that its shares have been suspended with immediate effect.

"The intention is for said suspension to be lifted on the same day that the Voluntary Bid offer period commences," it added. 

Loqus Holdings has confirmed it will keep the market informed of developments in line with Capital Markets Rules.

Loqus Holdings, formerly Datatrak, was the first company to be listed on the Alternative Companies List (ACL) of the Malta Stock Exchange. The ACL is designed to support new ventures, fast-growing firms and family-owned businesses by giving them access to equity or loan capital through the exchange.