Island Hotels has bought the remaining 50 per cent shareholding in Buttigieg Holdings Ltd.
The hotel group had retained this option when it signed the original agreement in 2011 through which it acquired the first 50 per cent of the shareholding.
BHL is the parent company of the 100 per cent-owned subsidiaries RJC Caterers Ltd, a company operating mainly in the retail and contract catering sector, and The Coffee Company Malta Ltd and The Coffee Company Spain, which operate the Costa Coffee franchise in Malta and the eastern coast of Spain and the Balearic islands. Island Hotels will be issuing two million new shares to the selling shareholders and as a result its total issued share capital will therefore increase to 38,583,660 shares of €1 each.
Island Hotels noted that the increase in share capital would not dilute the existing shareholding with respect to the proposed transaction with International Hotel Investments plc.
The objective behind the acquisition is the consolidation of the investment on BHL as part of a group corporate reorganisation.
Pierre Bartolo and Mario Mifsud will be resigning their directorships of BHL but stay on as part of the management team, while John Buttigieg will retain his directorship.