Strategic Objectives
The company’s investment portfolio started off with the reinvestment of the equity embedded in the dominium directum of the Malta International Airport and the Valletta Cruise Port, which in combination with the shares subscribed for in cash by the shareholders and further augmented by debt finance, was utilised to acquire the Parliament Building and Open-Air Theatre in Valletta. Following completion, these properties have been leased out at a rental yield commensurate with that generated in the commercial property market in Malta.
Presently, the company has sought debt finance to fund the Affordable Housing project. Once these affordable housing apartments are completed they will be leased out at commercial rates to persons in possession of a certificate from the Housing Authority with the subsidy available to these persons being directly payable to the company.
The company’s business profile is such that the existing revenue streams are highly visible and quantifiable, given that they arise from long term contractual agreements. These contracts also provide for the periodic revision of the ground rent and rental income arising. Furthermore, the risk of the debtors defaulting on the amounts receivable by the company is mitigated by the quality of tenants, the relativity of the amounts receivable compared to the market value of the Properties including the improvements undertaken thereon by the occupiers, as well as the inherent security enjoyed by the company at law as the dominus of the property sites.
The company’s cash outflows also carry a high degree of visibility. These comprise the cost of collection of the revenue streams and corporate administration costs and taxation. The resulting cash surplus is applied primarily in the servicing of borrowing and a high proportion of the balance is intended to be distributed in dividends to shareholders, such that the latter would receive a consistent return on the nominal value of their ordinary shares. The residual cash flows after these appropriations are set aside for further re-investment in line with the Issuer’s established investment mandate, as the same is determined from time to time by the investment committee set up by the board of directors.
Company Structure
Malita Investments p.l.c. was registered with an authorised share capital of one hundred and fifty million Euro (€150,000,000) divided into 113,000,000 Ordinary A Shares and 37,000,000 Ordinary B Shares, each having a nominal value of one Euro (€1). The issued share capital of the company on registration was fifteen million Euro (€15,000,000) divided into 15,000,000 Ordinary A Shares each having a nominal value of one Euro (€1). Such Ordinary A Shares were subscribed to by the Government of Malta in the amount of 14,999,999 Ordinary A Shares and by Malta Investment Management Company Limited in the amount of 1 ordinary A share.
On 29 May 2012, the shareholders resolved to re-denominate the nominal value of the Ordinary A Shares and the Ordinary B Shares from €1 to €0.50 per share and to reduce the authorised share capital of the Company to €100,000,000 divided into 150,000,000 Ordinary A Shares and 50,000,000 Ordinary B Shares, each having a nominal value of €0.50 per share.
On 30 May 2012, a further 20,000,000 Ordinary A Shares having a nominal value of €0.50 per share were issued to the Government of Malta against an equity injection of ten million Euros (€10,000,000).
On 14 June 2012, a further 68,108,064 fully paid up Ordinary A Shares of a nominal value of €0.50 per share were issued in favour of Government in consideration of the acquisition by the Company of the MIA Site and the VCP Site from Government.
In order to fund the its obligations, the Company opened subscriptions for an Initial Public Offering on 23 July 2012 consisting of 20,000,000 Ordinary B shares at a nominal value of €0.50 per share with a further optional over allotment of 10,000,000 Ordinary B shares. The share issue was fully subscribed, and the Company's Ordinary B Shares were admitted to the Official List of the Malta Stock Exchange on 7 August 2012.
On 14 December 2023, the shareholders of the Company resolved to:
i. Re-designate the Company’s authorised share capital from €100,000,000 divided into 150,000,000 Ordinary A Shares of a nominal value of €0.50 per share and 50,000,000 Ordinary B Shares of a nominal value of €0.50 per share to 200,000,000 Ordinary Shares of a nominal value of €0.50 per share and, immediately following such re-designation, to increase the Company’s authorised share capital to €125,000,000 divided into 250,000,000 Ordinary Shares of a nominal value of €0.50 per share;
ii. Re-designate the Company’s issued share capital from €74,054,032 divided into 118,108,064 Ordinary A Shares of a nominal value of €0.50 per share and 30,000,000 Ordinary B Shares of a nominal value of €0.50 per share to 148,108,064 Ordinary Shares of a nominal value of €0.50 each.
Following the abovementioned re-designation of the Company’s share capital, the 118,106,064 Ordinary Shares held in the Company by the Government of Malta (previously designated as Ordinary A Shares) were admitted to listing and trading on the Official List of the Malta Stock Exchange on 28 December 2023.
Therefore, the paid up issued share capital of the Company currently stands at 148,108,064 Ordinary Shares of a nominal value of €0.50 each.
The registered address of Malita Investments p.l.c. is situated at Clock Tower, Level 1, Tigne Point, Sliema, TP01, Malta.
Corporate Governance
The Memorandum & Articles of Association of Malita Investments p.l.c. allows for the company to be run by an autonomous board of 7 directors such that 5 directors will be appointed by the Government of Malta and 2 by the public shareholders.
Malita Investments p.l.c. is currently managed by a Board of Directors consisting of seven non-executive members, which is entrusted with the overall direction, administration and management of the company. The responsibility of the Directors is a collective one, although within the structure of a unitary board, the main functions of the Directors are in practice complementary.