Bank of Valletta (BOV) has announced that Italian bank UniCredit's proportion of ordinary shares and corresponding voting rights in the bank has decreased from 10.2 per cent to 5.21 per cent.
As a result of the transaction, a separate shareholder has acquired 4.99 per cent of the bank’s share capital. However, given that the threshold remains below the five per cent mark, the identity of the new shareholder does not need to be disclosed in accordance with the Malta Financial Services Authority’s Listing Rules.
Specifically, under Listing Rule 5.175, where the home member state is Malta, an issuer must inform shareholders that once they acquire five per cent or more of the issuer’s shares carrying voting rights, they are obliged to notify both the issuer and the Listing Authority of any changes in major holdings.
Bank of Valletta plc says that it “is delighted to welcome the further diversification of its shareholder base.”
Unicredit was – and remains – BOV's second-largest shareholder, having taken over the shares held by Banco di Sicilia after a series of mergers and acquisitions.
However, the Italian banking giant has repeatedly signalled its lack of interest in BOV, having declined to participate in a rights issue in 2017. A year later, it entered talks to sell its entire shareholding to a company controlled by the Testaferrata Moroni Viani family, although these ultimately fizzled out.
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Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
