A combined offer of €14 million in bonds and €17.6 million in equity by Island Hotels Group closed an hour after it opened this morning, because of oversubscription.

The offer sees the realisation of an investment by Vassallo Builders Group Ltd. in the company following a 22 year partnership with the Zahra family through their holding company TMC Ltd. As part of the combined offer the Zahra family has now increased its equity stake in the group up to 75% while the public has taken up the remaining 25%.

Group Chairman Winston V. Zahra said he was very grateful to the Maltese public for its confidence in the group.

"This is the first time we have come to the market as a company and we are very thankful to the Maltese public for the confidence and trust shown in our group as reflected by this extremely positive response to our issue."

Group CEO Winston J. Zahra added that the company had grown from nothing to what it was today in a very short time.

"Our transition from a traditional family company to a public corporate entity will enable us to continue to fulfill our ambitions in the years ahead and we very much look forward to growing value and yielding results for all the investors who have shown faith in us."

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