The Company

Tumas Investments plc is a fully owned subsidiary of Tumas Group Company Ltd. and was set up to act as a finance company. The Tumas Group has expanded significantly since its founding in the mid-1970’s by the late Chev. Thomas Fenech. It is today one of the largest private business groups in Malta, and comprises various enterprises active in the hospitality, leisure, tourism, property and automotive sectors. Tumas Investments plc is the finance vehicle of Spinola Development Company Limited (SDC). Tumas Investments also helps to refinance existing credit facilities enabling SDC to exploit its potential and seize new opportunities arising in the market.

Security & Status

Unsecured & Unsubordinated


Spinola Development Company Ltd. (SDC) is the guarantor of the bonds and was incorporated on 10 May 1966. It became a fully-owned subsidiary of Tumas Group Company Ltd in 1986. The Portomaso site was initially acquired from the Government on a temporary emphyteusis for 150 years which commenced on 19 May 1964. It was previously occupied by the Malta Hilton International Hotel up to February 1996 when the hotel was demolished to make way for the extensive redevelopment of the area. In December 2005 the temporary emphyteusis was redeemed with the freehold title being acquired by SDC. SDC is the owner of the site on which the Portomaso project is built. Portomaso is a unique waterfront development situated in the heart of St. Julian’s, Malta. Portomaso comprises a variety of complementary elements which include the Hilton Hotel and convention centre, up-market residential apartments, the business tower, commercial areas, extensive underground car parks and the marina. SDC owns 100% of the share capital of Portomaso Leasing Company Limited (which focuses on the leasing of the long term commercial and office components of the Portomaso project) and 100% of the share capital of Halland Developments Limited.



Amount Issued




Interest Payment

Semi-annually on 9 January and 9 July

XD Date

26 December and 25 June


The Bonds mature on 9 July 2012 but may be redeemed early at 100% (par) on either 9 July 2010 or 9 July 2011.


Official List

No. of Bondholders



George Fenech, Raymond Fenech, Lino Spiteri, Ray Sladden, Michael Grech.

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