On Monday (yesterday), Marsamxett Properties Ltd announced its latest developments in its voluntary public takeover bid for Tigné Mall plc.

Marsamxett Properties Ltd began acquiring shares in Tigné Mall plc in 2023, amassing a total of just over 49.68 per cent of the share capital before launching a bid to buy out remaining shareholders through a voluntary public offer.

The  offer period for its voluntary public offer closed on Monday 7th October, with the holders of 25,483,208 shares – just over 45.18 per cent of the total share capital – accepting to sell their holding, including the second largest institutional shareholder, Mapfre MSV Life plc, which had a 35.56 per cent stake.

Payment was expected to be transferred to the outgoing shareholders by not later than Tuesday 22nd October (today).

This brings Marsaxmett Properties’ total holding to just under 94.87 per cent of the company’s issued share capital.

In light of surpassing the 90 per cent threshold, Marsamxett Properties has confirmed its intention to initiate a squeeze-out process, as announced earlier.

This process will compel the remaining shareholders to sell their shares to Marsamxett Properties at a cash price of €1.04 per share. The completion of the squeeze-out will lead to an application for the de-listing of Tigné Mall’s shares from the Malta Stock Exchange.

This investment marks the first retail complex in the group’s Malta portfolio, underlining its commitment to maximising commercial and value potential of its assets.

Hili Ventures is a diversified group active in food service, retail, real estate, hospitality, shipping, oil and gas, engineering, and technology.

Through its various subsidiaries, the group owns a vast portfolio of commercial real estate assets across Europe. This includes shopping centres, healthcare facilities, and office buildings.