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Subscriptions for the Lm3 million ordinary shares, representing a 30 per cent stake in the Grand Harbour Marina in Vittoriosa open today with the prospect of being over-subscribed in the initial hours.
The shares, each of a nominal value of 10 cents, are being sold at 70 cents by shareholders Portosalvo Holdings Ltd, V & F Portelli & Sons Ltd, Nicholas Maris and Simon Arrol. The share offer is fully underwritten by HSBC Bank Malta, which also acts as manager and registrar. The sponsoring stockbrokers for the offer are HSBC Stockbrokers (Malta) Ltd and GlobalCapital Financial Management Ltd.
Once the shares are sold, Grand Harbour Marina will seek listing on the Malta Stock Exchange’s official list, as Grand Harbour Marina plc.
A pre-application campaign to half of the offer initiated last Wednesday through stockbrokers and financial institutions is reported to have been already over-subscribed.
A company statement issued yesterday explained that the offer is intended to give the company more solid status in the international arena in which it operates, particularly in the field of super-yacht berthing.
“Listing on the stock exchange will give greater comfort to the people we do business with, because of the strict rules of corporate governance and transparency. It will also help us generate the financial resources for future projects,” GHM chairman Nicholas Maris said. |
