Malta Properties Company plc holds AGM

Mohsin Majid

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Malta Properties Company p.l.c. (MPC) recently held its fifth AGM during which it gave an update of its overall performance during 2019. From a financial perspective, revenues grew 3.4 per cent to €3.43 million, while net asset value per share grew from 51 cents to 53 cents. This performance enabled the company to pay a dividend to shareholders of €0.01 per share.

From an operations perspective, the Company has also undergone some changes in recent weeks with the appointment of Mr. Mohsin Majid as Chief Executive Officer. Mr Majid, who has served on MPC’s Board of Directors for several years, was welcomed by the MPC Chairman, Mr Deepak Padmanabhan.

In his address to shareholders, Mr Padmanabhan, made reference to some of the main developments and achievements during the year under review, in particular the full leasing of MPC’s property in Floriana which strengthened revenues and diversified the company’s client base; the completion of the new Birkirkara exchange which has now been handed to GO p.l.c., and significant progress on the site in Zejtun.

Mr Padmanabhan, said, “Looking back, it is easy to forget – having lived through the impact of the Covid-19 pandemic – that 2019 was also a year of significant change for Malta and its economy. In this context, our policy of investing only in properties that offer genuine long-term potential at a price that makes sense, continues to prove its worth. We continue to look at new investments such as the purchase of the site in Swatar, currently leased by HSBC Global Services (UK). As MPC matures, we can see that our ambitions to be the market leader in the provision of commercial property are gradually becoming reality.”

In his introductory comments to shareholders, Mr Majid said, “I take on this new role as CEO with great enthusiasm for what we, as a team, have set out to achieve in the coming years. Despite the global pandemic, MPC has continued to maintain its standards of service and operations. Our business has been resilient, a testament to the quality of our assets and the quality of our tenants. Looking ahead, I expect that MPC will grow, benefiting from opportunities that the market will offer and adapting to property sectors with attractive long-term trends. I look forward to putting every possible effort into building further on the success which has already been achieved and ensuring that MPC remains Malta’s provider of choice when it comes to commercial property.”

The meeting was also addressed by MPC’s Chief Financial Officer, Ms Daniela Zammit, who gave a detailed review of the Group’s financial performance for 2019. During the meeting Paul Testaferrata Moroni Viani and Edmond Brincat were also elected by the shareholders to serve on the Board of Directors for the coming year.

Further details on MPCs performance are available in its Annual Report and Financial Statements available at www.mpc.com.mt.