Hailey Borg
Insurance firm Mapfre MSV Life has agreed to a voluntary takeover offer from Marsamxett Properties, a subsidiary of the Hili group, for its 35.46% stake in Tigné Mall plc.
Mapfre will transfer its 20 million shares in Tigné Mall, located at Tigné Point, to Marsamxett Properties, which aims to acquire the entire public shareholding. The shares will be sold at €1.04 each, valuing the transaction at €20.8 million.
On September 13, 2024, Marsamxett Properties, already the largest shareholder with 49.68% of Tigné Mall’s issued share capital, initiated a takeover bid to acquire all remaining shares at the same price of €1.04 per share. The offer closed on October 7, 2024.
Mapfre’s acceptance of the bid marks a major milestone in Marsamxett Properties’ effort to secure full ownership of Tigné Mall.
Before launching the conditional voluntary offer, Marsamxett Properties held just under 50% of Tigné Mall p.l.c., the publicly listed company that operates The Point shopping center in Sliema.
In a statement on the bid, Tigné Mall confirmed that Marsamxett Properties plans to retain The Point’s status as a leading shopping destination and does not foresee any significant changes to the mall’s operations or strategy.
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