Malita Investments is asking shareholders to approve a €25 million increase in its authorised share capital during an extraordinary general meeting (EGM) it has called for 14th December at 11.30am.
The company is majority owned (c. 80 per cent) by the Government of Malta, with the rest owned by the public. It was set up to operate on an independent and commercial basis, to contribute towards long-term investment development in Malta. Its projects include the Parliament Building, the Valletta City Gate, as well as the site of Malta International Airport.
Most recently, it has played an important role in the Government’s efforts to build affordable housing, and in July 2023 responsibility for the company was moved from Finance Minister Clyde Caruana’s portfolio into that of Minister for Social and Affordable Accommodation Roderick Galdes.
During the EGM, shareholders will be asked to authorise Malita Investments’ Board of Directors to issue new shares, offered on a pre-emptive basis to shareholders in proportion to the shares held in the company and determine the allocation policy in respect of any new shares not subscribed by existing shareholders.
They will also be asked to vote on a resolution to re-designate the authorised share capital from 150 million A and 50 million B shares to a single class of Ordinary shares with 200 million shares.
Once this step is complete, 50 million new shares, each worth €0.50 like the others, will be added to the company’s share capital, bringing the total to €125 million.
In tandem with this, the issued share capital would also be redesignated. It currently stands at €74,054,032, divided into 118,108,064 Ordinary ‘A’ shares of a nominal value of €0.50 each and 30 million Ordinary ‘B’ shares of the same nominal value. These will be combined in one class of shares.