PG Group has paid €4,797,783 to change the use of the former Nylon Knitting Limited site in Qormi from industrial to commercial.

In 2022, Pavi Shopping Complex Limited, a subsidiary of PG Group, bought the property which is strategically located near Pavi in Qormi.

The property, forming part of the land known as ‘Ta L-Istabar’, was owned by the Government and had been leased to Nylon Knitting Limited in 1963 for a period of 150 years.

The PG subsidiary's purchase, amounting to €7 million, concerns the remaining 90 years of the temporary emphyteusis, which is subject to an annual ground rent of €1,048.22.

Now, the company has entered into a deed of modification with the Lands Authority, as a representative of the Government of Malta, to change the permitted use from industrial to commercial.

In line with Capital Market Rules, the Board of the company has confirmed that, apart from the information disclosed in the company announcement, there have been no significant changes to any matters mentioned earlier.