AX Group plc - Acquisition of Property

On 1 June 2020, AX Group plc announced that it concluded the agreement for the acquisition of the land situated in Marsa known as ‘tas-Sienja’. In late January 2020, AX Group had explained that the consideration to be paid for the acquisition amounted to €6.9 million. Furthermore, the Bond Prospectus dated 22 November 2019 had explained that the land has a developable area of approximately 6,600 sqm and that AX Group has plans to develop the land into a mixed residential, office and commercial complex and that such development is expected to take place after 2026.