City Gate share issue fully subscribed

Malita Investments plc's share issue met encouraging response from investors, when the issue of ordinary 'B' shares in the City Gate special purpose vehicle was closed ahead of the scheduled time.

Funds in excess of €15 million were collected since the 23 July 2012 opening of the issue period.

"The level of interest generated by the share Issue was such that the company, after having received applications for an initial 20 million ordinary 'B' shares of €0.50 each, was in a position to exercise the option to issue an additional 10 million ordinary 'B' shares, thereby raising the total number of shares issued to 30 million," the company said.
Given that the total number of shares applied for exceeds the maximum amount available, applications may need to be scaled down in accordance with the allocation policy to be published by 2nd August 2012.

Malita is 70% owned by the Maltese government, and will be developing and managing a property portfolio of strategic national importance. The SPV will also be receiving the rents from leases of the Valletta cruise liner terminal, and Malta International Airport. Malita Investments is capitalised with a €25 million cash injection by the government, as well as through the transfer of the leases of Malta International Airport and the Valletta Cruise Liner Terminal.