Shares in City Gate project on offer from Monday week
The new Parliament House takes shape
20 million shares in Malita Investments, the Special Purpose Vehicle which will fund the Valletta City Gate/Parliament project, will go on sale on July 23.
Company chairman Kenneth Farrugia said another 10 million shares will be available in case of over-subscription.
The shares will be offered at 50c each. They will be listed on the stock exchange from August 16.
Speaking at a press conference this afternoon, Mr Farrugia explained that Malita is a fully-owned government entity where the government cannot have less than 70% shareholding.
He said the company's purpose is to acquire and manage a portfolio of immovable assets of strategic national importance, of which the City Gate project is the first.
The company directors are Vincent Mifsud, Frederick Mifsud Bonnici, Danny Rosso and Ann-Marie Tabone.
Mr Farrugia said the government had so far bought 50 million shares through a direct investment of €25 million and 68 million shares in return for the transfer of direct ownership of MIA (valued at €21.5m) and Valletta Cruise Port (€12.5m)
Malita will use its revenue to fund the €82m City Gate project. It will also pay the government a groundrent of €100,000 a year.
The government and Malita have already signed an agreement for the government to lease the Parliament Building for 20 years and the open air theatre (30 years) for a total of €5.2m per annum.
Mr Farrugia said the €82m funding the City Gate project would come from the direct government funding of €25m, a €40m loan which Malita has taken from the European Investment Bank (at interest of between 3.1% and 3.45%), the revenue from the public shares (€9.3m) and from a stand-by facility of €4.56 million from of the banks, as well as the leases from MIA and Valletta Cruise Port.
He said the government has waived its right to a dividend until the end of 2014.
For the private investors, the board’s intention is to give shareholders a gross annual yield of 7 per cent of the issue price.
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Karl Farrugia
Jul 5th 2012, 19:28
Why is it that in this blessed country we have to give everything a political twist rather than an unbiased and objective view. This is becoming truly sickening to many in my view me included.
Jo Camm
Jul 5th 2012, 12:38
Is it true that the PL will soon be renamed the Grumblers Party (GP)??
VINCENT WILLIAMS
Jul 5th 2012, 17:43
Without any doubt you have not lived in the 1970's. When the PN Opposition was really the 'NO Party' for every law that the Labour Government passed through Parliament the PN Opposition always voted against. Also the PN was already the 'Grumblers Party.'
By the way the PN now turn into GONZI PARTIT NEGATTIV !!!!!!!
P Pace Balzan
Jul 5th 2012, 09:42
Irrelevant to their colour bubbles eventually burst.
I once read that certain investments are like watermelons being thrown over a building; on the launch they gather momentum (ie increase in value) on impact they burst (zero value).
Mr ALBERT LEONE GANADO
Jul 5th 2012, 08:58
Can Mr Farrugia clarify this relevant point for potential small investors like me. Will taxpayers who buy shares pay the reduced tax rate of 15% on the interest paid out as is the case with government bonds or will they be liable to a 35% tax rate this being a distinct special purpose vehicle.
Joseph Brincat
Jul 5th 2012, 08:57
Gold is not all ways Gold , while Election is round the corner !!!!!
Eddy Privitera
Jul 5th 2012, 08:39
I am now waiting to read what economists have to say about this SPV .
Wenzu Vella
Jul 5th 2012, 08:24
Buyers be ware all that glitters is not always gold. This looks like’s fools gold from a government that is in financial trouble.
Ask yourselves which government anywhere in the world ever build a special building to house the parliament and issues shares to pay for it. Treasury is broke that is why.
G Tonna
Jul 5th 2012, 07:39
Clearly these shares will be sold out within a few days as the economic features are very good. I am sure banks and funds are ready to pounce on this type of investment. Hopefully the small investors will be given some preference to participate.
stephen mifsud
Jul 5th 2012, 07:13
this present Government has lost its vision with bad decisions as the "Piano gate and roofless theatre and also getting rid of all the old buses "and not keeping Malta's charm alive were they could have kept some . we are losing Malta to so called "progress " how sad !
A Camilleri
Jul 4th 2012, 23:51
In the context of various comments below, for the sake of accuracy, the report states that the board intends to declare a gross dividend of 7%. Such an intention is not a guarantee. The return is in the form of dividends, not interest. That means it can vary according to profits made and dividend policy at the time, though since most of the income is derived from long term contracts, income is expected to be stable. Dividends are paid net of company tax at 35% (ie at 4.55% net). If eligible then, one can claim a full or partial refund of the tax paid by the company. Final withholding Tax of 15% does not apply (since this is a dividend not interest).
David Spiteri
Jul 4th 2012, 21:20
Let's say that this is a 'private' enterprise as far as taxation is concerned. So for the individual investor, the tax on the 7% dividend will be at 35%, netting 4.55%. On the other hand, MGS is taxed at 15% for individuals, meaning that the equivalent MGS coupon would have been 5.35%. This does not sound at all anything like 'doomsday' interest rates.
Have we forgotten the issues of MGS at 7.8% and over?
Mr dennis azzopardi
Jul 4th 2012, 21:10
correct me if i am wrong. When someone invests in a bond with a coupon of 7per cent interest, one pays 15pc withholding tax . In this case when the return of 7pc is considered a dividend , does`nt an automatic 35pc rate apply?
Noel Abela
Jul 4th 2012, 21:09
Buying these shares would mean that I support this monster of a project which is going to spoil our Capital just for Gonzi to satisfy his ego. NO THANK YOU MR OUTGOING PRIME MINISTER.
Ramon Casha
Jul 4th 2012, 20:55
I'd buy shares in the theatre's roof.
Mr Andrew Camilleri
Jul 5th 2012, 17:48
I donl't suggest you do that. Join me in investing in shares in the gate instead.
Alfred Cassar
Jul 4th 2012, 20:19
I believe the Leader of Opposition, said that if he is trusted to run the country, will want nothing to do with this Building, ....... I mean , .... what does that mean?
D. A . Agius
Jul 4th 2012, 20:15
From what I read, this is going to be a very good investment, for those who can afford to invest.
They will be securing themselves a very good bit of revenue from generating sites (MIA, Valletta Cruise Port, Parliament), with "no" risk as it is government backed.
In fact they will be taking directly a slice of the pie from revenue generating sites whihc nowadays benefit the whole Maltese Population. I guess those investing will not be the Grezzju l-Purtinar or Cikka.
It will be funding a Political White Elephant at the most inappropriate of times. And then they will ensure reaping good benefits for the next 20/30 years. What is not listed in the above article is whether MIA and Valletta cruise port will return back to the government after this period or whether this 30% shareholding will be ad eternum. Will government ever have to fork out millions over and above share value to get these sites back in the future?
In essence, Government is not having to borrow, but it will give a direct finger in the pie to the "investors". Which means that the "investors" will have preferred ownership of two major sites.
OF course it's a good investment!
cesco di luigi
Jul 4th 2012, 19:53
If this land is costing 100 000 a year to rent can someone now tell us how much all those who have tables outside on the pjazzez of valletta are paying in rent? or is it just peanuts for them cos they are friends of friends????
P Farrugia
Jul 4th 2012, 19:50
Il-kamra tal-periti xi tghid dwar dawn il-pigeon holes gol belt antika taghna.
m. borg (slm)
Jul 4th 2012, 19:34
What would happen if a new labour government does not move parliament, at least for the next five years?
Joe Tabone
Jul 4th 2012, 23:11
m borg,
Why should Labour not move parliament to the new building IF they win the next election?
Does this mean that the new Labour government, will not covert The Palace to a cultural centre ( a major tourist attraction) and place the Armoury in it original place? Why?
Richard Caruana
Jul 5th 2012, 06:54
We'll have two roofed theatres, one in the Palace and one in the new building.
Go on, be realistic. You really think a Labour govt won't use the new Parliament building? It's all hot air.
Mr Andrew Camilleri
Jul 5th 2012, 17:51
I donl;t know why you ask this question when Joe Muscat said he would that, if he became Pm before the building was finished, he would do the courtesy of allowing Dr Gonzi to open formally the new parliament.
Paul@ Micallef
Jul 4th 2012, 19:32
I think this is one of the best investments in the last years. The investment is guaranteed by the Government of Malta. The dividends paid annually at no less than 7%. Share price €0.50. The 7% is a guarantee that the share price will hold its price when one needs to dispose of his investment.
ANTHONY PAVIA
Jul 4th 2012, 19:48
That is the trick, isn't it? However, for a Government to offer a coupon on preferred stock/debentures @ such a rate, that is close to what Spain and Italy are offering currently, somehow does not create a very good impression of the Maltese Government financial situation, doesn't it?
David Farrugia
Jul 4th 2012, 20:42
feel free to buy as much shares as you want. Just look at the share price history of GO, MIA, BOV, HSBC, MIDI etc....
I'm investing my hard earned cash elsewhere.
D Borg
Jul 4th 2012, 21:49
my reading is gross yield of 7% of the share price (0.50)
thus the envisaged yield is just 3.5%....
Eddy Privitera
Jul 5th 2012, 08:43
Paul@Micallef: So I assume, that if the dividend offered was 10% or even 15%, you would consider that as a SUPER-SUPER INVESTMENT, wouldn't you ??????????????
Paul@ Micallef
Jul 5th 2012, 09:13
@ Eddie Privitera. Of course. My comment is purely from an investment point of view. Politically and economically for the country that is a different matter and I do not agree with it at all. Anthony Pavia is right.
@ David Farrugia. You are absolutely 100% right when stating that the share price of all maltese companies mentioned by you lost a lot of ground. The only difference is that none of them are guaranteeing an annual dividend of 7%.
Saviour Sam Agius
Jul 4th 2012, 19:28
Mitt ewro fis-sena kirja tal-art? Aħna f'sensina jew?
m. borg (slm)
Jul 4th 2012, 19:27
As usual the banks will take up most of the shares available.
Waiting in anticipation to learn how many shares gonzi and tonio fenech would be buying.
Alex Mifsud
Jul 5th 2012, 06:50
Good suggestion
A Spiteri
Jul 4th 2012, 19:22
jien idiota nzomm mal-inglizi...imma min jixtri xi shares f'dan...iodiota hfna iktar minni!!
Mario Vella Laurenti
Jul 4th 2012, 19:08
Similar to bird cages.
Alfred Cassar
Jul 4th 2012, 20:25
B I G G E S T - B A R U M B A R A
Lawrence Fenech
Jul 4th 2012, 19:06
Pigeons first to apply.
cesco di luigi
Jul 4th 2012, 19:05
This scheme will not stand up to any serious accounting scrutiny. Doesn't anybody here realise that the Government (that is us, the people) already owns thousands of properties and parcels of land that are currently being administered by an entity called the Lands Department? This is just another one in the herd of white elephants that is tramping over Malta ensuring that the creme de la creme get the fat salaried jobs in these quangos so as to ensure that very soon when there is a change of Government there won't be a single measly cent left in the coffers!!!!! As to the acrchitecture well, I think it's quite irrelevant...it's the architecture of the structure of this financial scheme that needs to be really examined.
jesmond zammit
Jul 4th 2012, 18:45
il pn ghandu rekord issa , irrovina l entrata tal belt darbtejn .
G Tonna
Jul 4th 2012, 18:44
The Piano project will be a piece of art and an attraction in itself.
The SPV's income is in the form of guaranteed government payments for rents etc.,
This is naturally a good investment.
m. borg (slm)
Jul 4th 2012, 19:28
How many shares you intend to buy Mr Tonna?
Joseph Camilleri
Jul 4th 2012, 19:55
Hallijhom jeqirdu sur Tonna lil dawn il lejburisti... as I already said, these people have been having it too good for too long. Time to taste hard-ships now.
David Farrugia
Jul 4th 2012, 20:45
I notice a few people that are promoting these share here. And with all the pomp of a North Korean style propaganda. Bet my other 'sound' investments that these are government ppl.
Mr Andrew Camilleri
Jul 5th 2012, 17:54
This 'G. Tonna' sounds like he has sent his message from PN party headquarters. Perhaops G. Tonna should advise the NP to invest in shares in this propject.
Pierre John Agius
Jul 4th 2012, 18:40
Brilliant architecture. I love it
martin said
Jul 4th 2012, 19:05
With all due respect looks like a block of flats to me!
m. borg (slm)
Jul 4th 2012, 19:29
I bet you are studying art.
Louis Craus
Jul 4th 2012, 18:28
Gej jixbah lil kartuna tal- BAJD..
Jien ma nissugrax ninvesti f' dal- parlament , u jekk ikun hemm xi hadd......iwaqqa' l-Gvern u jaqa l- Parlament,
jien x' naghmel........bhallma kien ser jigri dan l- ahhar ?
Charles Massa
Jul 4th 2012, 18:23
In nies iridu joqodu attenti qabel jinvestu f din il kumpanija. Fi swieq internazzjonali u anki hawn Malta l interessi huma baxxi. Meta din il kumpanija qieghda toffri 7% huwa sinjal li hemm riskju kbir. Ghal hekk dawk l investituri li ma ghandhomx esperjenza f shares ghandhom jiehdu parir minn ghand stock broker.
Ma ninsewx l esperienza qarsa li kellhom certi investituri li investew fil BOV Property Fund
Silvio Abela
Jul 4th 2012, 18:17
"...government to lease the Parliament Building for 20 years and the open air theatre (30 years) for a total of €5.2m per annum."
"groundrent of €100,00 a year."
So Malita will pay GR of 100K. Goverment will pay Malita a 5.2M lease a year. Can anyone explain this? I mean, if the present Parliament is "free", then the new one will be costing at least 5.1M a year, apart from the initial investments of 25M+40M+9.3 (74.3M).
What is this thing? Why is government "investing" 74.3 million in a project which will cost it 5.1 million a year????? Does this make sense? Any advice from financial or business-wise persons is much appreciated. If this is the way that the financial gurus work, then no wonder we have a world-wide recession!
Joseph Camilleri
Jul 4th 2012, 18:24
Say's you Mr. Red Eye! ...it's called progress, apart from that, it looks clear that you have never been to places such as big european cities where buildings are like nothing on earth!
This is good taste, with modernity, blended with the past.
GET USED TO IT DUDE!
A Dimech
Jul 4th 2012, 18:33
It is all a big financial plot with the ultimate goal of "hiding" governmental debt and put it on a fictitious company owned by the government and a few investors who lended the government some money for 7% interests - ultimately in substance it is as if the government took a loan....
but they cnanot do so, otherwise the debt will continue to spiral out of control!!
so they are calling it a company!
m. borg (slm)
Jul 4th 2012, 19:30
It is called redirecting money.
Mr Andrew Camilleri
Jul 5th 2012, 17:57
Sur Camilleri, ovvja li ma kellekx ripsota ekonomika ghad-domanda ta' Silvio Abela. U int kemm ser tinvesti f' il-progett tant ghal qalbek. Ghidilna.
j brincat
Jul 4th 2012, 18:12
What an eyesore!
(jb)
J. Debono
Jul 4th 2012, 18:33
Due to the fact that this project was done under the PN, even if it was made out of solid gold, it would still be an eyesore for the likes of you.
For myself, though I am totally against a roofless theatre, I will hold judgement when I see the finished project.
m. borg (slm)
Jul 4th 2012, 19:33
Mr Debono just because it was designed by Piano it does not mean that it is neccessarily a work of art.
Great artist have been known to make artistic mistakes so Renzo Piano is no exception, He had already proposed something similar in the 90'sa to Eddy's government but it was refused.
This only means that either Eddy or Gonzi have no artistic taste.
William Caligari
Jul 5th 2012, 09:52
Hear, hear Dr.j brincat.
J Caruana
Jul 4th 2012, 18:05
The 7% may be guaranteed but the value of the shares will be volatile as they will trade on the market. One must not compare such dividends with interest from fixed accounts or bonds. Shareholders will own part of a business and so they will enjoy good times but also share difficult times if any.
Eddy Privitera
Jul 4th 2012, 18:03
The 7% interest is the BAIT ! When governments pay that kind of interest ( GOVERNMENT OWNS THE MAJORITY OF SHARES), THAT IS A SURE SIGN OF GRAVE PROBLEMS !
N Azzopardi
Jul 4th 2012, 19:11
Talk after the shares are sold. You bet there will be an over subscription of over €10m. Since when you can give advices on what to invest, bait and what have you. You spent many years of your life in the casino and there were it ended. No progress at all. If I were you, do not post any comments in areas you do not know anything about. Although the PL and people like you are always saying that there are grave problems, poverty etc. The shares will be sold out minutes after they are listed. GRAVE PROBLEMS !!!!!!!!!!!!!!
Paul Cassar
Jul 4th 2012, 17:56
accounts engineering.......................................tbaswir
7% interest.......................who gives that type of interest today .......................except dubious/doomed companies.
P. Zammit
Jul 4th 2012, 18:04
Island Hotels, Corinthia , Melita PLC, Farsons ....etc are these dubious / doomed companies ??
Paul Cassar
Jul 4th 2012, 18:16
DEAR P....................NOT TODAY .....................NOT GOVTS.....................think
ANTHONY PAVIA
Jul 4th 2012, 18:43
P Zammit, Yes private companies that have however jumped at the opportunity to reduce their interest commitment to today's levels on rolling over expiring debt instruments. And they have done what would have been expected of them. However, you must have heard of large foreign companies that have gone bust, haven't you? Well the possibility of the Maltese Government doing just that is remote, isn't it? More sense, less politics please.
john muscat
Jul 4th 2012, 17:54
Is that picture above of pigeon holes? I saw many pigeons waiting to brood as soon it is finished! The ugliest and out of contest building in ancient and beautiful Valletta.
william cauchi
Jul 4th 2012, 17:51
Excuse me, how can a company ''guarantee'' interest at 7%?
It can give interest when it makes a profit, but supposed it doesn't. Is there a company that just breaks even or makes a loss and still gives a 7% interest. If yes for how long? Till the funds run out? Or is the government, meaning you and me, guaranteeing investors this return?
A Dimech
Jul 4th 2012, 18:30
It can guarantee because it is government owned.
That is why all this is a big scam. in substance this is the government borrowing money at 7% interest - and in doing so some very high paid directors are getting loads of money for "pretending" that this is a company!!!
cesco di luigi
Jul 4th 2012, 17:51
the mind boggles. It's mine...I give it to you...you charge me to run it..I borrow money from you...I tax you on it... you give it back to me...After all the plusses and minusses all that's left is....big fat pay packets for the directors to run somehting that was at the end of the day nothoing but Government (i.e. OUR ) property. Doublespeak at it's very best!!!!!!
ANTHONY PAVIA
Jul 4th 2012, 18:37
Would you repeat that ever so slowly so some others will understand it.
Alfred Cassar
Jul 4th 2012, 20:14
WOW
Karl Farrugia
Jul 4th 2012, 22:47
Get the facts straight first before pushing pen to paper......let me paraphrase....hopefully I can make myself understood.........its mine.(Government)...I rent it to you for 65 years...you pay me 100,000 pa ground rent....you finance the building for euro 82 million.....and rent it to me..........after sixty five years I get the property back....free...this is called financial engineering...hope its clearer....ps I save the opportunity of funding the development at 82 million today to deploy capital in other projects.
Jamie Cutajar
Jul 4th 2012, 17:47
Simply disgusting
Alfred Cassar
Jul 4th 2012, 17:43
A Monument of Shame.
Lena Hahn
Jul 4th 2012, 19:30
"heart wrenching". Couldn't have put it better myself.
Alfred Cassar
Jul 4th 2012, 17:42
82MILLION, to house 69 deputies,
whilst so many in 2012, do not even have a toilet communication in their living squalor, whole families that live in a couple of rooms, and those who have no where to live, NOWHERE, they sleep in cars, and rat infested derelict buildings.
Some have awaited , so long for social accommodation that they died of age, they were born and died in misery.
It is just heart wrenching.
B. Storace
Jul 4th 2012, 17:42
Destined to flop at such high rates....
A Dimech
Jul 4th 2012, 17:23
WOW!! 7% dividend on an investment secured by the government.
In essence, that means the government borrowing costs has now become 7%!!! far higher than Italy adn Spain!
Mr Joe Micallef
Jul 4th 2012, 17:35
WOW you really don't understand the difference between money borrowed by governments and money borrowed by revenue generating companies! That says so much about you!
Eddy Privitera
Jul 4th 2012, 18:18
"Revenue generating companies " ? Explain how will parliament generate revenue. Oh yes ! The government, who owns the land will be paying the company €5.2 million over 30 years, after having given up the rent it receives from MIA and the Valletta Cruise Port ! Just confirming that we are paying very good money,- not peanuts - and still got monkeys running our country !
A Dimech
Jul 4th 2012, 18:27
Joe Micallef - sorry you don't understand not me. If you look at the substance of the deal (the the form) - essentially this is another method of borrow used by the government - only it is now paying 7% interest!!!
ANTHONY PAVIA
Jul 4th 2012, 18:36
Mr Micallef, Your comment exposes your ideas to having suffered from a radiation of dangerously blue-hue rays, to such an extent that you are oblivious to all else.
Mr Joe Micallef
Jul 4th 2012, 18:56
It's not just the parliament that generates revenue - in reality for that real estate that is really nothing. Radioactive peanuts – dangerous stuff!
Mr Joe Micallef
Jul 4th 2012, 19:43
Dimech you are abosulutely wrong on the 7%! Your's is a very superficial analysis - properly used SPVs are a sound financial instrument to finance projects.
ANTHONY PAVIA
Jul 4th 2012, 19:43
Yeah! Another "Money no problem" bravu.
A Dimech
Jul 4th 2012, 21:20
Mr M Micallef -
what are you talking about?
"Dimech you are abosulutely wrong on the 7%! Your's is a very superficial analysis - properly used SPVs are a sound financial instrument to finance projects. "
Let me explain - ultimately all the assets in the new SPVs are public owned. Now the simplest way for the government was to borrow some money at say 5% and build the pigeon holes like that. (by the way, government can probably borrow at a rate less than 5%!)
But if the government did this, it would have shown debt on its books. SO to avoid this it entered into complicated arrangement to create SPV and transfer the monies from the airport rent to this SPV. It is also issuing some shares to make it seem it is a proper SPV. The cost of all this - loads of directos wages, paying a dividend 7% (at least 2 to 3% over the interest rate); and guess where this money is all ultimately coming?!! THE MALTESE TAXPAYER!!!
Mr Joe Micallef
Jul 5th 2012, 08:13
Pavia, Money or Debts are only a problem for the coward (who is usually pre-emptively violent), stale and lazy people.
You see public debt is like private mortgage. Well planned and spent gives one the opportunity for improvement, granted that one has courage, is not stale or lazy. Take your heroes - they boasted of the consolidated fund at the expense of jobs, freedom, justice, education, IT, proper health, basic infrastructure, water and electricity supplies and many others including the suspension of the constitutional courts.
Mr Andrew Camilleri
Jul 5th 2012, 18:02
Lest hu, is-Sur Micallef, any criticism means stamps you as labourite. How sick!
Adriano Spiteri
Jul 4th 2012, 17:17
City Gate Project: raping city gate, erecting an unnecessary Parliament and a pool complex
ANTHONY PAVIA
Jul 4th 2012, 17:10
And all this waste coming out of taxpayers' pockets. A guaranteed 7% p.a. interest rate is an absurdly high rate seeing that the security is fully secured by the Government. Just compare with the current rates being paid by Government when rolling over due debt.
VINCENT WILLIAMS
Jul 4th 2012, 17:06
Is the PN going to invest in this project?
Victor Laiviera
Jul 4th 2012, 17:04
"...as well as the leases from MIA and Valletta Cruise Port."
What is this income being used for at present?
Since it will no longer be available, this will mean cuts in Government expenditure.
Where will these cuts be made?
Victor Laiviera
Jul 4th 2012, 17:02
"City Gate Project"? What City Gate?
You mean City Gap or City Gash, surely?
H. Psaila
Jul 4th 2012, 17:56
At least it is better off than Belt il-Hazna, Belt is-Sebh, i think you labourites are only jealous and nothing else. You cannot find anything to grumble and moan about. You are such a moaner Mr. Laiviera.
Eddy Privitera
Jul 4th 2012, 18:11
H.Psaila: What is there to be envious about ? Seeing 3 projects which only GonziPN's clique has wanted, just to have the name "PIANO " ?? And seeing taxpayers money being wasted in such an irresponsible way ??
H. Psaila
Jul 4th 2012, 18:22
@ E. Privitera - it was the same with Mater Dei, the new Power Station, the airport terminal and so many other buildings. You always found something to grumble about such projects. Well you said irresponsible ways, well you forgot Dicembru 13 at Marsa, a road which cost LM3 million in those days, a road from Marsa to Marsa, do you call that responsible way, Izra u Rabbi, Il-Pijunieri, Dirghajn il-Maltin. Do you call them responsible ways to eliminate unemployment?
Please choose the reason of your report below: