Fort Cambridge bonds oversubscribed

Subscriptions for Lm6 million in bonds issued by GAP Development plc closed shortly after opening yesterday morning, with the issue being oversubscribed, the developers said. An amount of Lm9 million in bonds was taken up by institutional investors and...

Subscriptions for Lm6 million in bonds issued by GAP Development plc closed shortly after opening yesterday morning, with the issue being oversubscribed, the developers said.

An amount of Lm9 million in bonds was taken up by institutional investors and stockbrokers last week during the pre-placement stage, according to the developers.

The funds raised through these bonds will be used to part-finance the development of the Fort Cambridge complex, on land acquired by tender from the government on Sliema's Tigné peninsula. There will be three blocks with 340 apartments.

The bond issue was underwritten by Charts Investment Management Service Ltd and sub-underwritten by Collins Stewart (CI) Ltd. Charts Investment Management Service Ltd and Curmi & Partners Ltd are joint sponsoring stockbrokers. The manager and registrar is HSBC.

An application has been made for the bonds to be listed on The Malta Stock Exchange.

The project was given the green light by the Malta Environment and Planning Authority last month amid protests by residents.

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