780 small shareholders in Middlesea Insurance have decided to sell their shares to Mapfre Internacional, the new majority shareholder of MSI.
The company explained in a report to the stock exchange today that Mapfre acquired a controlling interest in Middlesea in July when it bought the shares then held by Munich Re. Upon becoming majority shareholder, in line with listing rules, it issued a mandatory bid to the other shareholders in August. The offer closed on September 26.
A total of 780 shareholders, equivalent to 3.58% of total shareholding, accepted the bid and opted to sell to Mapfre. 14.36% of MSI shares are still held by the public.
Mapre now holds a shareholding of 54.56% in MSI. Bank of Valletta, the other big shareholder, has 31.08%.