MIA shares allocation policy announced

Over 4,700 applications were received for the sale by the government of 13,530,000 ordinary shares in Malta International Airport, the government's privatisation unit said yesterday.

The share offer was fully taken-up with a margin of over-subscription.

With a view to ensuring the widest possible distribution of shares, the government has decided to adopt the following allocation policy: applications for shares made by Malta Government Privatisation bondholders, through their conversion of MGP bonds, will be met in full; applications submitted by MIA employees under the employee offering will also be met in full.

Applications by the public will be allotted according to the following allocation policy:

¤ applications submitted up to and including 15,000 shares will be met in full and

¤ applications for over 15,000 shares will be met as follows: the first 15,000 shares will be met in full; for the number of shares applied for between 15,001 and up to 50,000 shares - 60 per cent; and for the number of shares applied for in excess of 50,000 shares - 55 per cent.

Bank of Valletta, manager and registrar to the share offer, advised that allotment letters and refund cheques of unallocated monies would be dispatched by Friday.