A number of prospective purchasers expressed interest in potentially acquiring a substantial shareholding in The Convenience Shop (Holding) plc.

The announcement was made by the company, which runs over 100 convenience shops and supermarkets across the Maltese islands, on the Malta Stock Exchange.

Discussions with the prospective purchasers remain “preliminary and exploratory in nature,” the company said, adding that “no binding agreement has been entered into.”

In connection with the evaluation of a potential transaction, the prospective purchasers and their respective advisers may wish to undertake a due diligence exercise in respect of the company, the stock exchange notice read, which may require the potential purchasers gaining access to non-public information concerning the company.

In light of this, the company’s board of directors has called an extraordinary general meeting to be held in October, for the purposes of considering and, if thought fit, passing a resolution to pass on to the prospective purchasers such information.

The company said that it will keep the market informed of any further developments.

The Convenience Shop had a successful year so far, having recorded a €3.4 million half yearly gross profit, which represented an increase of around 29.9 per cent when compared to the same period last year.

The current shareholders of the company include Ivan Calleja and Joseph Pace, who together opened up the first convenience shop outlet in Żebbug. Joseph Pace owns 21.23 per cent through JMP Holdings Ltd and Ivan Calleja owns 18.75 per cent of the shares through IC Holdings Ltd. Other major shareholders include lawyers Jean Carl Farrugia and Kevin Deguara, as well as Kenneth Deguara, who collectively own 18.75 per cent through Gaia Investments Ltd, and Manuel Piscopo, a director of The Convenience Shop who owns 21.06 per cent of the shares through MPH Malta Ltd. 20.21 per cent of the shares are held by the public.