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International Hotel Investments plc – Acquisition of Shares in MIH

Jonathan Falzon

April 14, 2026

14 April, 2026
4 min read
14 April, 2026
4 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 13 April 2026, International Hotel Investments plc announced that it has entered into a share purchase agreement to acquire a 25% shareholding in Mediterranean Investments Holding plc (MIH) from Kuwaiti National Investment Holding Ltd (KNIH). MIH is a public limited liability company registered in Malta, with bonds listed and admitted to trading on the Malta Stock Exchange, whose principal activity is the direct or indirect acquisition, development and operation of real estate projects in Libya. MIH is the parent company of PCL, the owner of the Palm City Residences, an oceanfront gated residential complex located in Janzour, Libya.

Pursuant to the agreement, KNIH will also simultaneously sell the other half of its current stake in MIH to CPHCL Company Limited (CPHCL), the majority shareholder of IHI. CPHCL currently holds the remaining 50% in MIH and will thereby increase its shareholding to 75%.

The aggregate consideration payable on completion of the transaction by IHI and CPHCL for the shares held by KNIH is €74 million comprising of €37 million payable by CPHCL and €37 million payable by IHI. This translates into a price to book multiple of 0.69 times, when taken in context of the total equity of MIH as at 30 June 2025 of €213.6 million. Meanwhile, the gross assets of MIH amounted to approximately €324.5 million and the profits after tax attributable to those assets for the financial year ended 31 December 2024 amounted to approximately €13.5 million.

An advance payment of €7.4 million, representing 10% of the aggregate consideration for the MIH shares is payable by IHI and CPHCL.  The MIH shares being acquired by IHI will be funded by debt financing from APS Bank plc, which is intended to be repaid principally through dividends to be received by IHI from MIH pursuant to a new annual dividend policy agreed among IHI and CPHCL as shareholders of MIH after completion.

IHI highlighted that the transaction has been reviewed, assessed and approved by the independent members of the Audit Committee. Completion of the transaction is anticipated to take place on 30 June 2026.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 13 April 2026, International Hotel Investments plc announced that it has entered into a share purchase agreement to acquire a 25% shareholding in Mediterranean Investments Holding plc (MIH) from Kuwaiti National Investment Holding Ltd (KNIH). MIH is a public limited liability company registered in Malta, with bonds listed and admitted to trading on the Malta Stock Exchange, whose principal activity is the direct or indirect acquisition, development and operation of real estate projects in Libya. MIH is the parent company of PCL, the owner of the Palm City Residences, an oceanfront gated residential complex located in Janzour, Libya.

Pursuant to the agreement, KNIH will also simultaneously sell the other half of its current stake in MIH to CPHCL Company Limited (CPHCL), the majority shareholder of IHI. CPHCL currently holds the remaining 50% in MIH and will thereby increase its shareholding to 75%.

The aggregate consideration payable on completion of the transaction by IHI and CPHCL for the shares held by KNIH is €74 million comprising of €37 million payable by CPHCL and €37 million payable by IHI. This translates into a price to book multiple of 0.69 times, when taken in context of the total equity of MIH as at 30 June 2025 of €213.6 million. Meanwhile, the gross assets of MIH amounted to approximately €324.5 million and the profits after tax attributable to those assets for the financial year ended 31 December 2024 amounted to approximately €13.5 million.

An advance payment of €7.4 million, representing 10% of the aggregate consideration for the MIH shares is payable by IHI and CPHCL.  The MIH shares being acquired by IHI will be funded by debt financing from APS Bank plc, which is intended to be repaid principally through dividends to be received by IHI from MIH pursuant to a new annual dividend policy agreed among IHI and CPHCL as shareholders of MIH after completion.

IHI highlighted that the transaction has been reviewed, assessed and approved by the independent members of the Audit Committee. Completion of the transaction is anticipated to take place on 30 June 2026.