Maltapost acquires significant shareholding in GWU insurance company

Maltapost has acquired a 49% stake in the insurance firm that belongs to the General Workers’ Union, the listed company announced today.

Maltapost received regulatory approval for the acquisition of the shareholding in Untours Insurance Agents Ltd last June but completed the agreement today.

It did not divulge the price paid for the acquisition.

Untours was a company wholly owned by the GWU, Malta’s largest trade union. According to the Malta Business Registry, GWU Holdings Ltd held 558,091 shares at a nominal value of €2.33 per share. Untours Travel Ltd held a single share.

Maltapost is listed on the Malta Stock Exchange and is majority-owned by Redbox Ltd (72%) with the rest of the shareholding held by the public. Redbox is owned by Lombard Bank.

In a statement issued to market, Maltapost said: “MaltaPost plc considers that this acquisition stands to benefit both the company's stakeholders as well as the community at large.”