Bulgaria success for Malta-based company
Malta-based Cleves Sofia Holdings Ltd (CSHL) issued an upbeat summary of performance for the period ending last December 31.
Approximately 30 per cent of the shares are owned by Maltese investors.
The company acquires upmarket apartment blocks in Sofia, the capital of Bulgaria.
It finishes and furnishes them to luxury standards, and rents them out to expatriates.
To date over 200 units have been acquired in some of the best parts of the city.
The directors reported that the net asset value has risen over 23 per cent. The company's first building to be completed is fully rented at a 9.8 per cent gross yield.
Michael Bianchi, director of CSHL, commented: "We are pleased with Cleves' performance. With a total of nine investments worth over €35 million, the initial portfolio is now fully committed. Cleves' operation on the ground in Sofia is running well. The company has attracted high quality corporate tenants for its apartments, and prospects look bright."
MFSA consultation
The Malta Financial Services Authority is proposing an amendment to the Prevention of Financial Markets Abuse Regulations, 2005.
Article 6 of the Market Abuse Directive (Directive 2003/6/EC) requires an issuer of financial instruments to inform the public as soon as possible about inside information which directly concerns the issuer. Regulation 4 also establishes the means and time limits for public disclosure of such inside information by any person who issues one or more financial instruments.
It is being proposed to amend regulation 4 (2) (b) to require the issuer to disclose inside information through the regulated market, rather than in a newspaper, as well as through a notice on the internet site of the company whose financial instruments are being issued.
It is being proposed that the amended regulation would read as follows:
"The public announcement shall take the form of a notice containing the inside information and shall be:
(a) posted as a notice on the internet site of the company the financial instruments of which are in question, for as long as such inside information may be relevant; and
(b) disseminated to the public through a regulated market in the form of a company announcement as defined by and as specified in the Listing Rules."
Information would still need to be published on the issuer's website by virtue of regulation 4 (2) (a) of LN108 of 2005, which will not be affected by the proposed amendment.
The amendment is being proposed in view that the Malta Stock Exchange is already used as the official disclosure mechanism for company announcements required in terms of the Listing Rules and is an efficient means of dissemination of information to both stockbrokers as well as to the public. It is also being made to streamline the disclosure requirements under the Prevention of Financial Markets Abuse regime with that of the disclosures required by the Listing Rules.
The MFSA invites comments by not later than Friday, May 16. Interested parties are to send their comments in writing to the Director - Securities Unit, MFSA.
Industrial security
The National Security Authority within the Ministry for Justice and Home Affairs has appointed the Malta Standards Authority (MSA) as the Designated Security Authority (DSA) for industrial security.
The DSA communicates national policy to industrial and other private entities on all matters relating to industrial security and provides direction and assistance in its implementation.
Issues include handling EU classified information, and respect for EU Council/Commission security regulations by industrial and other private entities, their contractors and sub-contractors.
The DSA is also responsible for regulating and monitoring the effectiveness of Malta's classified information protection system and for the security vetting of personnel in the field of industrial security.
Interested industrial and private entities should contact Francis Farrugia at francis.p.farrugia@msa.org.mt for information.