Mizzi Organisation Ltd has agreed to sell its Arkadia supermarket chain to a third party.

A statement by Mizzi’s finance arm announced that an agreement has been signed with an unnamed third party for the transfer of Arkadia Foodstores Ltd subject to the satisfaction of certain conditions.

Arkadia has five supermarkets – in St Julian’s, Gozo, Naxxar, Swatar, and Valletta.

Mizzi said the transaction, if completed, would be in line with its strategic objective of focusing on its core business operations and consolidating its resources on selected business segments.

It said it will keep the market duly informed of any material developments relating to the transaction.