Orion Finance plc on Wednesday announced that it is planning to change its name to Camilleri Finance plc.

The company, which acts as a special purpose vehicle to raise finance for the business of Orion Group, is set to discuss the change in an Extraordinary General Meeting on Wednesday (today).

Aside from that, the company’s shareholders will also be discussing an increase in authorised share capital from €50,000 divided into 50,000 ordinary shares to €250,000 divided into 250,000 ordinary shares, the nominal value of which is set at €1 each.

Issued share capital is also set to increase from €50,000 divided into 50,000 ordinary shares to €250,000 divided into 250,000 ordinary shares, in virtue of the issue and allotment of 200,000 ordinary shares in favour of Orion Retail Investments Limited. The nominal value is also set at €1 per share.

249,999 of the ordinary shares shall be subscribed to and allotted to Orion Retail Investments Limited, while the remaining share shall be allocated to Camilleri Group Co-Founder and Orion Finance Non-Executive Director and Chairman Anthony Camilleri.

Additionally, the company will be discussing and possibly approve amendments to the Memorandum and Articles of Association to reflect the foregoing changes. Company Secretary Pierre Griscti is thus authorised to submit an amended version of the document to the relative competent authorities and to “do all that is necessary, conducive, desirable or incidental to the putting into effect” of the aforementioned resolutions.

Orion Finance is a subsidiary of Orion Retail Investments Limited, which is in turn a subsidiary of Camilleri Holdings Limited. Orion Retail Investments Limited is a property management company, set up to manage the property portfolio owned by Camilleri Group. Properties owned by the group include outlets at The Strand (Sliema), Zabbar Road (Fgura), St Anne’s Square (Sliema), South Street (Valletta), as well as a warehouse in Ħandaq (Qormi).

Founded in 1843, Camilleri Group was renown as one of Malta’s leading confectionaries. Over recent years, the group implemented a diversification strategy that has seen it expand into the retail fashion and FMCG segments.

Among the stores it operates are Promod, Lipsy, Jules, Morgan, Matalan and Mothercare. It is also the local distributor of popular snack brands like Ritter Sport, Haribo, Tilleys, Walkers of London, and Lees of Scotland.