PG plc - Acquisition of the ‘Nylon Knitting’ Site

On 22 November 2022, PG plc announced that it entered into an agreement with Nylon Knitting Limited to acquire the remaining 90 years of the temporary utile dominium of a divided portion of land forming part of the land known as ‘ta’ L-Istabar’ in the limits of Qormi, which in turn currently forms part of the site named ‘Nylon Knitting’ in close proximity to the PAVI Shopping Complex.

The site forms part of the property granted by temporary emphyteusis by the Government of Malta to the Vendor and is subject to an annual and perpetual temporary ground-rent of €1,048.22. The Property is otherwise free and unencumbered. PG stated that through this transaction, the Group will strengthen its asset base.

The consideration price for the acquisition is of €7.0 million, of which 10% has been paid as a deposit while the remaining balance will be settled at the final deed of sale. The transaction is subject to the relevant searches being carried out to be satisfactory and shall remain valid up to 30 January 2023.