Property development and hospitality company Juel Group plc on Tuesday announced that it has applied for the issue of €5 million unsecured notes.

The application, submitted to the Malta Financial Services Authority (MFSA), concerns unsecured notes which are redeemable between 2027 and 2029, carrying a nominal value of €1,000 per note.

The company confirmed that the notes will not be listed or traded on the Malta Stock Exchange (MSE) or any other regulated market.

Once regulatory approval is granted, the notes will be issued in tranches, pursuant to a note issuance programme.

Juel Group added that further information related to the proposed notes issue will be provided in the prospectus, which in turn will be published once the necessary approval from the MFSA has been given.

Founded in 2016 and operating from Malta, Juel Group plc acts as the holding company of the group, which is involved in a range of sectors, including property development, residential letting, and hospitality. Adrian Muscat, who is a Founding Member and Director of GAP Holdings Limited, is the majority shareholder of Juel Group.

The company is behind the development of the proposed 160-room Hyatt Centric Malta hotel in Swieqi, set to open this year, representing the second Hyatt-branded property in Malta. 

During the first six months of 2023, Juel Group registered a pre-tax profit of €2.3 million, while total share capital came in at €19.1 million.