Malita share applications are ‘satisfied’

Nearly all applications for Malita shares have been satisfied in full, the company ann­ounced yesterday in a statement on the allocation policy of its Initial Public Offer.

The island’s first Special Purpose Vehicle (SVP), launched by the government to manage a portfolio of public immovable property that includes Renzo Piano’s Valletta project, received 1,239 applications for its first share issue, for a total of 30.97 million ordinary B shares of 50c each.

As the share issue was over-subscribed, the company had to close it early.

Malita decided to satisfy app­lications of up to one million shares in full.

Applications over this amount have been allocated 88.16 per cent of the original amounts applied for, rounded down to the nearest 100 shares.

Refunds of uncollected monies will be made by today.

The shares are expected to be listed on the Malta Stock Exchange next Tuesday.