International Hotel Investments plc - Acquisition of Shares in MIH

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.