Malta Properties Company plc

Malta Properties Company plc - Quote

28/02/2017      
Closing Price (€) 0.520 Change (€) +0.003
TWAP (€) 0.520 No. of Trades 3
Day's High (€) 0.520 Change (%) +0.58%
Day's Low (€) 0.520 Turnover (shares) 21,100
E.P.S (€) 0.018 Shares in issue (000) 101,310
P/E Ratio 28.89 Market Cap. (€000) 52,681
Gross Div. Yield (%) 0 Gross Dividend (€) 0.000
NAV per Share (€) 0.337 Indicative Div. Date NIL
Price to NAV (times) 1.540 Dividend Cover (times) 0.000
2017 High (€) 0.595 2017 Low (€) 0.513

Malta Properties Company plc - Profile

Malta Properties Company (MPC) is an owner, developer and administrator of premium commercial properties in Malta.

Established in 2011, MPC was initially a fully owned subsidiary of GO plc, Malta’s leading telecommunications business, and tasked with managing the latter’s commercial premises. MPC was spun off from GO in 2015, embarking on an independent journey to develop a commercial property portfolio of outstanding quality while retaining GO as an anchor tenant at various sites.

MPC’s strategic vision is to become a leading player in the provision of premium commercial space in the Maltese Islands.

It intends to achieve its vision by executing the following strategy:

  • Maximise revenue from existing real estate portfolio;
  • Increase revenue by redeveloping un-encumbered real estate;
  • Dispose of non-strategic property within residential zones and part finance development of strategic property;
  • Explore opportunities for growth beyond redevelopment projects.

MPC will be undertaking three major development projects:

Zejtun Exchange

Malta Properties Company plc intends to retain and renovate the structures within the eastern portion of the property which already houses some of GO plc’s current operations whilst develop the remaining property (mostly unused) into offices and a data centre for the GO Group.

In July 2015, the Company was granted a permit to demolish existing buildings that will not be retained in the proposed project and such works are expected to start before the end of 2015. In the meantime, a development permit for the construction of the proposed project across the remaining area is expected to be granted next year. Construction works are expected to be completed in 2018 at a total cost of €8.5 million which will be financed through bank funding.

Marsa Spencer Hill Exchange

This project will comprise the construction of a new telephone exchange (to house GO plc’s exchange infrastructure currently installed in the existing building) as well as a new office building having a net floor rentable area of 7,500 square metres. The office block will comprise four underground levels of parking, a business centre (spread over three floors and a penthouse), a retail outlet and a food and beverage outlet.

Permits for the new exchange are expected to be granted by the end of 2015 and works should be completed by the end of 2016. Meanwhile, development permits for the office block are expected to be issued in the second half of 2016 with construction works expected to commence in 2018 and completed in 2021. The Company has yet to confirm how the €16.5 million project will be funded.

Birkirkara Exchange

Malta Properties Company plc intends to redevelop this property into a mixed-use commercial building comprising both retail and office space complemented with underground parking facilities.

Various options are being considered for this site as the Company awaits the publication of the final approved planning policy for the area which will determine the final designs of the project. As such, the Company plans to submit a development application to the Malta Environment and Planning Authority (MEPA) in 2016 subsequent to which the Company will determine the required amount of financing and the appropriate funding structure (debt and/or equity) for the project.

Share Capital

Malta Properties Company plc has an issued share capital of 101,310,488 shares which were distributed to GO shareholders, as at the close of trading on Wednesday 21 October 2015, on a 1 for 1 basis. The shares were subsequently admitted to the Official List on Monday 23 November with trading commencing on Tuesday 24 November.

News for Malta Properties Company plc

Malta Properties Company plc
Sale of Sliema Old Exchange
Feb 01, 2017 | Read More
Malta Properties Company plc
Update on St. George’s Exchange
Oct 03, 2016 | Read More
Malta Properties Company plc
Interim Results
Aug 25, 2016 | Read More
Malta Properties Company plc
Board Meeting
Aug 18, 2016 | Read More
Malta Properties Company plc
Interim Directors’ Statement
May 10, 2016 | Read More
Malta Properties Company plc
St George’s Exchange
Mar 22, 2016 | Read More
Malta Properties Company plc
Full-Year Results
Mar 21, 2016 | Read More
Malta Properties Company plc
Board Meeting
Mar 14, 2016 | Read More
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Sector: Property
ISIN: MT0000990102
Shares in Issue: 101,310,488
Nominal Value: €0.32
Trading Symbol: MPC
Listing: Official List
Main Subsidiaires: -
Top Shareholders:
  • Emirates International Telecommunications (Malta) Ltd (60.00%)
Website: www.maltaproperties.com.mt
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