Share offer by Grand Harbour Marina

Subscriptions for the three million ordinary shares being offered by shareholders of Grand Harbour Marina plc open today.

The shares represent a 30 per cent stake in the company, which owns and operates the marina beneath Fort St Angelo in Vittoriosa.

The shares, each of a nominal value of 10 cents, are being sold at 70 cents by shareholders Portosalvo Holdings Ltd, V & F Portelli & Sons Ltd, Nicholas Maris and Simon Arrol.

The share offer is fully underwritten by HSBC Bank Malta, which also acts as manager and registrar.

The sponsoring stockbrokers for the offer are HSBC Stockbrokers (Malta) Ltd and GlobalCapital Financial Management Ltd.

Once the shares are sold, Grand Harbour Marina will seek listing on the Malta Stock Exchange official list, as Grand Harbour Marina plc.

This is being done to give the company a more solid status in the international arena in which it operates, particularly in the field of super-yacht berthing.

"Listing on the stock exchange will give greater comfort to the people we do business with, because of the strict rules of corporate governance and transparency. It will also help us generate the financial resources for future projects," marina chairman Nicholas Maris said.

The company derives its main revenue from the sale of 25-year leases on its 200 pontoon berths and 33 super-yacht berths, from visiting yachts, temporary rentals, annual berthing fees and service charges.

The marina is run in conjunction with the international yachting company Camper & Nicholsons (Marinas) Ltd, which manages several marinas throughout the Mediterranean.