Island Hotels bonds, shares snapped up

A combined offer of €14 million in bonds and €17.6 million in equity by Island Hotels Group were oversubscribed within an hour after opening yesterday morning.

As part of the combined offer the Zahra family has increased its equity stake in the group up to 75 per cent while the public has taken up the remaining 25 per cent.

Group Chairman Winston V. Zahra said he was very grateful to the public for its confidence in the group.

"This is the first time we have come to the market as a company and we are very thankful to the Maltese public for the confidence and trust shown in our group as reflected by this extremely positive response to our issue."

Mr Zahra added that the company had grown from nothing to what it was today in a very short time.

"Our transition from a traditional family company to a public corporate entity will enable us to continue to fulfill our ambitions in the years ahead and we very much look forward to growing value and yielding results for all the investors who have shown faith in us."