Malita Investments plc

Malita Investments plc - Quote

27/04/2017      
Closing Price (€) 0.740 Change (€) 0.000
TWAP (€) 0.740 No. of Trades 2
Day's High (€) 0.740 Change (%) 0%
Day's Low (€) 0.740 Turnover (shares) 46,000
E.P.S (€) 0.043 Shares in issue (000) 148,108
P/E Ratio 17.21 Market Cap. (€000) 109,600
Gross Div. Yield (%) 4.86 Gross Dividend (€) 0.036
NAV per Share (€) 0.752 Indicative Div. Date April/September
Price to NAV (times) 0.980 Dividend Cover (times) 1.879
2017 High (€) 0.858 2017 Low (€) 0.740

Malita Investments plc - Profile

Malita Investments plc was set up on 3 June 2011 by the Government of Malta as an investment holding company. The Company’s main objectives primarily include the acquisition, development and management of immovable properties. The Company also aims to leverage its revenue streams and reinvest any undistributed profits in other national and/or strategic real estate projects as well as in commercial properties.

Malita currently owns two sites and has a temporary emphyteusis over another two properties. Details of these four properties, including the cost of acquisition, the lease period as well as the annual rental income to be generated are explained below.

Property Acquisitions

Malita acquired the Malta International Airport and Valletta Cruise Port sites for a total of €34,054,032 settled through the issuance of 68,108,064 new ‘A’ shares of €0.50 each to the Government of Malta.

Malta International Airport Site

By virtue of a Transfer Contract entered into on 14 June 2012 with the Government of Malta, Malita acquired the title over the Malta International Airport site housing Malta’s only airport together with the surrounding amenities. Malita is also entitled to receive the ground rents due by Malta International Airport plc, the tenant of this site, with effect from 1 December 2011.

In the case of Malta International Airport plc, there are two leases both of which expire on 25 July 2067. The first deed, entered into in 2002, obliges MIA to pay an annual ground rent of €698,812 whilst the annual ground rent payable on the second deed which commences from 2013 amounts to €71,308. Both ground rents are revisable upwards every five years by 15%.

Valletta Cruise Port Site

By virtue of a Transfer Contract also entered into on 14 June 2012 with the Government of Malta, Malita acquired the title over the Valletta Cruise Port site comprising the cruise liner terminal at the Valletta Waterfront in the Grand Harbour complemented by leisure facilities. Malita is also entitled to receive the ground rents due by Valletta Cruise Port plc, the tenant of this site, with effect from 1 December 2011.

The tenant is obliged to pay an annual ground rent of €556,049 to Malita for the remaining years of its 65-year lease entered into in November 2001. The rate is revisable upwards by the higher of 20% or the inflation rate at the beginning of 2015 (being the fourteenth year of the lease) and subsequently revisable upwards at the beginning of every five years by the higher of 10% or the inflation rate until the beginning of 2065.

In addition, VCP is also obliged to pay 15% of its revenues emanating from the letting of buildings and facilities available on the site and 10% of all income generated from the passenger and cruise liner operations. However, these additional payments are reduced by the amount of the annual ground rent.

City Gate Leases

On 26 June 2012, the Company acquired a 65-year emphyteusis from the Government of Malta over the new Parliament Building and the Open-Air Theatre located at the entrance to Malta’s capital city, Valletta. The consideration for these leases comprise a premium of €82 million, representing the upfront payment to the Government for the ownership of future income to be generated from the City Gate project. Moreover, Malita is due to pay an annual ground rent of €100,000 to the Government which is revisable every three years by the higher of 5% and the rate of inflation. In turn, by virtue of two separate lease agreements entered into on 26 June 2012, Malita will be leasing the Parliament Building and Open-Air Theatre to the Government. In the case of the Parliament Building, Malita leased this property to the Government for 20 years against an annual lease of €3.68 million. Meanwhile, the Open-Air Theatre was leased to the Government for a 30-year period with an annual lease of €1.55 million. Both amounts are payable in semi-annual instalments and are revisable upwards every three years by the rate of inflation.

Share Capital

As at 29 May 2012, Malita Investments plc had an authorised share capital of €150 million divided into 226,000,000 Ordinary Shares ‘A’ Shares and 74,000,000 Ordinary ‘B’ Shares both having a nominal value of €0.50 each.

Prior to the 2012 Share Issue, Malita Investments plc had an issued share capital of €59,054,032 divided into 118,108,064 Ordinary ‘A’ Shares having a nominal value of €0.50 each.

Following the issuance of 30,000,000 new Ordinary ‘B’ Shares pursuant to the 2012 Share Issue, the issued share capital of Malita Investments plc increased to €74,054,032 divided into 118,108,064 Ordinary ‘A’ Shares and 30,000,000 Ordinary ‘B’ Shares both having a nominal value of €0.50 each. While the Ordinary ‘B’ Shares are listed on the Official List of the Malta Stock Exchange, the Ordinary ‘A’ Shares are unlisted.

News for Malita Investments plc

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Malita Investments plc
Parliament Building Lease Agreement
Apr 25, 2017 | Read More
Malita Investments plc
Full-Year Results
Mar 01, 2017 | Read More
Malita Investments plc
Board Meeting
Feb 15, 2017 | Read More
Malita Investments plc
Interim Directors’ Statement
Nov 18, 2016 | Read More
Malita Investments plc
Interim Results
Aug 05, 2016 | Read More
Malita Investments plc
Board Meeting
Jul 29, 2016 | Read More
Malita Investments plc
Full-Year Results
Mar 01, 2016 | Read More
Malita Investments plc
Board Meeting
Feb 19, 2016 | Read More
Malita Investments plc
Interim Directors’ Statement
Nov 16, 2015 | Read More
Malita Investments plc
Interim Results
Jul 31, 2015 | Read More
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Sector: Property
ISIN: MT0000610106
Shares in Issue:
  • 'A' Shares - 118,108,064
  • 'B' Shares - 30,000,000
  • Total Issued Share Capital - 148,108,064
Nominal Value: €0.50
Trading Symbol: MLT
Listing: Official List
Main Subsidiaires: -
Top Shareholders:
  • Government of Malta (79.75%)
Website: www.malitainvestments.com
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