Stivala Group Finance plc announced on Wednesday that major shareholder Carlo Stivala will leave the business and relinquish all his ownership interest in the Group.

The statement, posted to the Malta Stock Exchange, explained that the divestment will see properties worth €81.2 million transferred to CAST Holdings Ltd, whose ultimate beneficial owners are Mr Carlo Stivala and his descendants.

Carlo Stivala (left) with his brothers

“These represent the consideration due to the parties for relinquishing all of their rights and interests in the share capital of the companies forming part of Stivala group of companies."

Mr Carlo Stivala is one of four sons of the Group’s founder Carmelo Stivala, and until now ran the company along with his brothers Martin John, Ivan and Michael.

Stivala Group is known for their investment in Gżira and Sliema. They own and operate five hotels on The Strand, and are involved in the development of properties for sale and rental.