Malta Properties Company plc - Interim Directors’ Statement

On 15 November 2019, Malta Properties Company plc (“MPC”) issued an Interim Directors’ Statement providing indications about the company’s performance during Q3 2019 as well as explaining the strategy going forward. In this respect, MPC noted that its performance was in line with expectations and showed an improvement over the same period last year. This was mainly as a result of increased rental income from a full year’s lease of the offices at ‘The Bastions’ located in Floriana, as well as marginal decreases in administrative expenses and finance costs.

MPC added that the construction of the Zejtun exchange and data centre is progressing, and handover to the tenant is expected during Q4 2020. The Zejtun development is the only project which is currently being funded through bank loan facilities.

Meanwhile, no properties were sold during Q3 2019. On the other hand, MPC is actively working on the plans for the development of two of its sites which are expected to be vacated in 2021. Moreover, the company continued to work on its acquisition strategy and is still in discussions with SmartCity (Dubai) FZ-LLC regarding the possible acquisition of 91% of the shares in SmartCity (Malta). MPC also announced that it analysed various acquisition opportunities in recent months and is also undertaking active discussions on acquiring other properties.