BOV announces change in ownership structure of Middlesea Insurance

Following completion of this acquisition, Mapfre will increase its aggregate shareholding in MSI to 50.98% of the issued share capital, and will thereby acquire a controlling interest in MSI.

Pursuant to the requirements of the Listing Rules, upon acquisition of a controlling interest in MSI, Mapfre will be required to make a mandatory bid for the remaining shares in MSI, whereby the other shareholders in MSI will become entitled (but not obliged) to sell their shareholding in MSI to Mapfre at the Mandatory Bid price. 

BOV, which currently holds 31.08% of the issued share capital of MSI, has conditionally agreed with Mapfre that it will not tender its shares under the Mandatory Bid. Appropriate disclosure of the conditional agreement will be made in the Mandatory Bid documentation in due course, should regulatory approval be forthcoming. 

Mapfre and BOV have communicated to the Directors of MSI their desire to maintain the listed company status of MSI, and to work with the Listing Authority and the other shareholders in this regard.

Mapfre is one of Europe’s biggest corporations, and a highly respected and reputable company with high levels of expertise in the field of insurance.  Bank of Valletta looks forward to working with Mapfre to further strengthen the operations of both MSI and MSV Life plc.

All matters announced are still subject to regulatory approval.