Hili Ventures, through its subsidiary Marsamxett Properties Ltd, is set to acquire 100% of Tigné Mall plc after its voluntary public offer was accepted by the majority of shareholders.
Marsamxett Properties Ltd. began acquiring shares in Tigné Mall plc last year, amassing a total of just over 49.68% of the share capital before launching a bid to buy out remaining shareholders through a voluntary public offer.
The offer period closed on Monday, with the holders of 25,483,208 shares – just over 45.18% of the total share capital – accepting to sell their holding, including the second largest institutional shareholder, Mapfre MSV Life plc, which has a 35.56% stake.
This will bring Marsamxett Properties Ltd’s total holding in Tigné Mall plc up to just under 94.87%, which will become effective once payment has been transferred to the outgoing shareholders, not later than October 22. After this, Marsamxett Properties Ltd will exercise its right under the Capital Markets Rules to squeeze out the remaining shareholders and apply to de-list the company.
This investment is the first retail complex in the group’s Malta portfolio, underlining its commitment to maximising commercial and value potential of its assets, while instilling confidence in its homebase.
Hili Ventures is a diversified group active in food service, retail, real estate, hospitality, shipping, oil and gas, engineering, and technology. Through its various subsidiaries, the group owns a vast portfolio of commercial real estate assets across Europe, including shopping centres, healthcare facilities and office buildings.