Mapfre shareholding in Middlesea increases to 54.56%

Mapfre Internacional has increased its shareholding in Middlesea Insurance plc to 54.56 per cent following the closure of the Mandatory Bid on September 26.

Upon becoming a majority shareholder in Middlesea Insurance plc., having acquired shares from Munich Re in July 2011, Mapfre Internacional issued a mandatory bid to the other shareholders of the company, in line with the Listing Rules. In terms of this mandatory bid, the other shareholders of the company were given the opportunity to either maintain their existing shareholding in the Company or to sell it to Mapfre.

The bid was accepted by 3.585 per cent of the total shareholding of the company, amounting to 780 shareholders. Bank of Valletta plc, the other major institutional shareholder of the company, did not participate in the bid and retained its full shareholding in the Company of 31.08 per cxent.

Joseph F.X. Zahra, chairman of Middlesea Insurance plc stated that the outcome of the Mapfre offer indicates the strong confidence of the small shareholders in the new control structure of the company, while strengthening the global operator’s interest in the leading insurance company in Malta.

Pursuant to the shareholders’ participation in the bid the current shareholding structure of Middlesea Insurance plc is as follows, Mapfre Internacional, 54.56 per cent, Bank of Valletta plc 31.08 per cent and the public 14.36 per cent.