Bank of Valletta plc - Disposal of shares in Valletta Cruise Port plc

Bank of Valletta plc, together with Malta International Airport plc and FSG Limited (a subsidiary of Simonds Farsons Cisk plc), announced today that they have entered into a binding share purchase agreement for the sale of their collective holding in Valletta Cruise Port plc (“VCP”) amounting to 31% to Global Liman İşletmeleri A.Ş. (“GLI”).  The latter is a 100% subsidiary of Global Yatırım Holding A.Ş. – a Turkish company with business interests in ports, energy, real estate and finance.

The successful completion of this transaction is subject to legal and regulatory approvals and the waiver of the pre-emption rights by the remaining shareholders of VCP to allow the transaction to be completed in accordance with the terms agreed in the share purchase agreement.

The total consideration for the shares will be announced following the successful completion of the conditions precedent and closing of the transaction.

The Bank’s Board of Directors considered this transaction as a strategic decision for the Bank in order to focus more on its core activities.