MaltaPost plc has announced the completion of an agreement for the acquisition of 49 per cent shareholding in Untours Insurance Agents Limited, an acquisition it describes as standing to “benefit both the company’s stakeholders as well as the community at large”.

MaltaPost had received regulatory approval for the move last June, but completed the agreement yesterday.

Untours was previously wholly owned by the General Workers Union, the largest workers union in Malta.

MaltaPost made the announcement via the Malta Stock Exchange, where it is listed. Redbox Ltd has a majority-shareholding, at 72 per cent, and is in turn owned by Lombard Bank. The remaining shareholding is held by the public.

The national postal service did not divulge the price paid for the acquisition of shares.

Untours Insurance, located in Old Bakery Street Valletta, offers home and motor insurance.