In 2023, WhosWho.mt's editor Robert Fenech made an analysis of companies in Malta worth over €200 million. Today, I took the same route down financial statements of all the publicly-listed companies on the Malta Stock Exchange (MSE) to find out which businesses are rallying in a considerable buck, and are worth €200 million or more.  

This is therefore a comprehensive list of all the companies on the Malta Stock Exchange holding total assets of over €200 million. Every effort has been taken to ensure that the information is correct as at the date of each company’s latest financial update.

What this analysis found is that all the companies previously listed have at least retained assets over €200 million, and in a lot of cases, grown their asset base in the last two years.

Five other contenders joined the list, including Mercury Towers Ltd. The company, owned by construction giant Joseph Portelli, ranked in total assets worth €279 million.  

Another note is that FIM Bank's assets were listed in dollars, and for this table, an approximate exchange rate of 1 USD = 0.93 EUR was used. 

A few important notes:

This list only includes companies that are listed on Malta’s stock exchange and therefore have an obligation to disclose their financial information. Local subsidiaries of foreign-owned companies, like one of Malta's largest employers STMicroelectronics, and most iGaming and pharmaceutical companies, as well as locally owned major players that have not sought public funding, like Bianchi, Vassallo, Alf Mizzi or Gasan Groups, or OZO, go beyond the scope of this exercise.

• Banks and insurance companies have a large amount of assets, dominating the top of the list, but this needs to be understood in light of their operational model and unique economic role. Since many effectively use their customers' money to do things like issue loans and invest in securities, their significant assets are balanced against similarly high liabilities, with the ratio of net to total assets typically being much smaller than it is for other kinds of companies. 

• Being listed does not mean that the firm has public shareholders. Many companies, if not most, prefer to keep ownership private, using the Malta Stock Exchange as an avenue for fund-raising using corporate bonds.

• Many of the companies on this list are family-owned, and a family’s holdings can be structured in such a way that segments of the business are not integrated in the group.

• On the other hand, some companies may have a majority shareholding in a subsidiary, with the total asset base reflecting the entire worth of that subsidiary, not just the part that is owned by the listed company in question.

The figures above should therefore be taken as indicative and the list as non-exhaustive.

The Corinthia, Brussels 

Individual company notes

6. Corinthia Group

A true home-grown global player, CPHCL Company is the company behind Corinthia Group, via its majority shareholding in International Hotel Investments. Starting with a single hotel in Attard, it is now a major luxury hospitality company, owning and operating hotels across Europe, Asia and Africa. It also holds a 50 per cent shareholding in Mediterranean Investments Holding.

The company isn’t slowing down anytime soon, with seven hotels in the pipeline through to 2026. These are spread across Europe (Brussels, Bucharest, and Rome in 2024), the US (New York in 2024), the Middle East (Doha in 2025 and Diriyah in 2026), and South Asia (Maldives in 2026).

12.  Hili Ventures

The third-largest non-financial group of companies in Malta, Hili Ventures is the holding company for Premier Capital (operating McDonald’s in Malta, Romania, Greece, Lithuania, Latvia and Estonia), Hili Properties (holding real estate in Malta, Romania, and the Baltic countries), 1923 Investments (engaged in retail and technology solutions), and other subsidiaries involved in hospitality, port handling equipment, and container leasing. 

Hili Ventures has successfully completed the privatisation of Tigné Mall, marking the end of its tenure as a publicly listed company and also announced its intention to launch a conditional voluntary public takeover bid for the acquisition of all issued share capital of Hili Properties plc, the latest move in a series of significant market actions and corporate restructuring at one of Malta's largest companies. 

Tigné Point, Sliema 

14.  AX Group

One of the first local companies to tap into local capital markets, AX Group is an increasingly diversified group involved in real estate, construction, hospitality and healthcare. This year, the group unveiled the new 5-star Verdala Wellness Hotel in Rabat, the first wellness hotel of its kind on the islands. 

15.  Stivala Group

Largely focused on property development, rental and hospitality in the Sliema and Gżira area, Stivala Group has been growing rapidly over the last years. The group has several developments coming to completion, including Novotel Malta, Mövenpick Hotel and ST Charlie's Business Centre. 

17. GO plc

The telecommunications giant’s subsidiaries include Cablenet, which provides telecoms in Cyprus, SENS Innovation Group, providing Internet of Things-powered energy management services for commercial buildings like hotels, and BMIT, offering data centre and hosting services. This year it acquired two new subsidiaries, including Klikk Finance plc and AQS Med Limited. 

During the period, GO completed its nationwide Fibre-to-the-Home rollout, positioning Malta as a “True Fibre Island”. It also launched GO Energi, a renewable energy brand, and integrated Klikk into its portfolio to expand ICT hardware and electronics offerings.

18. Mizzi Organisation

With a long-standing reputation as one of Malta’s top movers and shakers in the business world, Mizzi Organisation is involved in auto sales (selling a quarter of all new cars in Malta and Gozo), beverages (being the local licence-holder for Coca-Cola), retail (Arkadia, Is-Suq tal-Belt, and a range of fashion retail stores), hospitality, real estate, contracting, and more. Mizzi Organisation is not to be confused with Alf Mizzi & Sons, another major conglomerate.

13. SD Holdings

SD Holdings may not be the most recognisable name in Malta’s business landscape, but its main brand, db, certainly is. Having two of Malta’s most popular hotels, the db Seabank and the db San Antonio, SD Holdings is also planning to develop a major new hotel overlooking St George’s Bay. It is also the local franchise holder for Hard Rock and Starbucks, and has a number of concept establishments like Nine Lives, LOA, Aki and Sonora. Through joint ventures with other companies, it also has interests in healthcare and catering services to care homes and airlines.

20. Malita Investments

The majority shareholder in Malita Investments is the Government of Malta. The company largely acts as landlord for public real estate, obtaining ground rent from Malta International Airport and Valletta Cruise Port, as well as from Valletta’s Open Theatre and the Parliament Building.

Valletta Cruise Port

20. MIDI

MIDI is the company granted a concession to use and develop Tigné Point and, until this year, Manoel Island, as it negotiates the termination of the concession. The company’s major shareholders include Alf Mizzi & Sons, MAPFRE MSV Life, Gasan Enterprises, Mark Weingard, and Rizzo Farrugia & Co (for and on behalf of its clients). Still, the company is forecasted to generate comfortable revenue next year, largely on the back of residential unit sales at its Tigné Point development.

21. Tumas Group

For close to two decades, Tumas Group could boast of having the tallest building in Malta, Portomaso Tower. While that has since been eclipsed by other developments in the area, Tumas Group, through its main subsidiary Spinola Development Company Ltd, is still a major player. It is largely involved in property development (including of the landmark The Quad business towers, in partnership with Gasan Group), hospitality and gaming, operating the Hilton franchise in Malta and a number of other hotels. It is also engaged in the development of large-scale property complexes where non-Maltese are exempt from limits on property purchases. It was formerly a major auto importer as well, but this segment was cleaved off from the main group when one member of the family struck off on his own, forming TUM Invest.

22. Simonds Farsons Cisk

Rounding out the list of publicly listed companies holding total assets of over €200 million is none other than Simonds Farsons Cisk, the maker of Malta’s favourite beer (Cisk, what else?) and soft drink (the beloved Kinnie). It is also the local licence-holder of Pepsico’s line of beverages and the franchise holder for Burger King, Pizza Hut and KFC, as well as being a major alcohol and other foodstuffs importer in its own right. Through the recent renovation of The Brewhouse, Farsons is also increasingly involved in commercial property. A related company, spun off from the main group, is Trident Estates, also providing commercial space. The latter has total assets of €103 million, meaning that if the two companies were to be taken together, the Farsons-related group would be considerably higher up the list.

Render of Farsons Building

New comers to the over €200 million list 

23. Mercury Towers Ltd 

Mercury Projects Finance plc, the financing arm of construction mogul Joseph Portelli’s Mercury Group Lt. The sail-shaped tower in Paceville, completed in 2023 and designed by legendary architecture firm of Zara Hadid, it is Malta's tallest building and houses luxury residences, a hotel, retail space, and a rooftop pool.

24. IZI Finance Ltd

The Group is a leading player in Malta’s land-based gaming industry, operating in all the gaming product verticals.

IZI Finance commenced operations in lottery as the exclusive national lottery operator in July 2022, has been operating the Dragonara Casino since 2010 and has launched Malta’s most popular sports betting brand – IZIBET. The Group also operates a commercial bingo hall and electronic gaming machines, across its network of shops.

7. Global Ports Holdings

Global Ports Holdings is the world’s largest cruise port operator, including Valletta Cruise Port, the only licensed cruise and ferry terminal operator in Valletta, Malta, so it’s not wonder it finds itself on the list. GPH operates 33 cruise ports in 21 countries and continues to grow steadily.

21. Lidion Bank plc 

Lidion Bank, a credit institution licensed by the Malta Financial Services Authority (MFSA), has set its sights on serving the thriving Digital Advertising Industry with a strategic emphasis on empowering SMEs. In the face of geopolitical tensions, economic fluctuations, and rapid technological advances, Lidion bank is charting a trajectory of growth, reporting three straight years of profitability – €0.6 million in 2022, €1.6 million in 2023, and €3.2 million in 2024.

22. Eden Leisure Group plc

Eden Leisure Group has been a leader in Malta’s hospitality and entertainment sectors for over 55 years, starting with the Eden Rock Hotel in 1967. In 1980, the Group relocated to St George’s Bay and expanded into entertainment with nightclubs, a bowling centre, a radio station, and Malta’s first multiplex cinema. Recent developments include the opening of the Holiday Inn Express in 2017, the expansion of the InterContinental Hotel with luxury suites and the Skybeach lounge in 2019, and the launch of Eden Esports.