JFC Holdings Ltd, an investment company owned by Joe Fenech Conti, is set to significantly increase its stake in Malta-based ICT solutions provider Loqus Holdings plc.

JFC became the majority shareholder of Loqus last October after increasing its stake in the company from 50 per cent to 59.4 per cent of its shares.

Mr Fenech Conti is also the CEO of Loqus Holdings.

In a company announcement today, Loqus confirmed that JFC now plans to acquire more of its shares on the open market until it reaches a shareholding of 75 per cent of the company’s issued share capital.

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

It also stated it may consider proposing the delisting of Loqus shares from the Malta Stock Exchange’s Alternative Companies List (ACL) in the future.

Loqus Holdings, formerly Datatrak, was the first company to be listed on the ACL, which 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.