Shares in Malita Investment – the government company set up to manage and develop property of national importance – have been oversubscribed, it was announced.

The company will issue an additional 10 million shares for a total of 30 million.

The special purpose vehicle set up to fund the City Gate project was oversubscribed ahead of time, Malita said in a statement. “Funds in excess of €15 million have been collected since July 23.”

The level of interest generated was such that after having received applications for an initial 20 million ordinary ‘B’ shares of 50 cents each, the company was in a position to “exercise the option to issue an additional 10 million ordinary ‘B’ shares”, it said.

The company will be publishing the allocation policy by August 2.

Malita was set up in June as an investment holding company with the mandate to acquire, develop and manage both public and commercial real estate properties.

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