Gasan Group is shortly to launch a €15 million bond issue, its sixth since 1994, to support its ongoing operating requirements, group chairman Joe Gasan told The Times Business.
The bond issue, which includes an over-allotment option of a further €5 million to total €20 million, is pending approval by the Malta Financial Services Authority. The group has decided to redeem its €11.6 million 2008-2011 bond, which was issued in 2003, next month. The current 4,000 subscribers will be given first preference to rollover their investment in the new bond issue before it is offered to the public.
Mr Gasan said draft accounts for 2008 show similar results to 2007, when the group registered an operating profit of €6.4 million. Given the current downturn, Mr Gasan is pleased the group is "relatively liquid".
The automotive franchises for Jaguar, Mazda, Volvo and Ford continue to be the group's cornerstone operation. Despite the current influx of high value second-hand imports from the UK, demand for Jaguars has increased. In February and March alone, 15 high specification Jaguars were sold, compared to the 30 sold throughout 2008.
Thanks to the new registration tax regime, Mazda and Ford's economical and environment friendly city cars are enjoying "superb response". The Mazda2's price tag has been slashed by 32 per cent and the price of the new Ford Fiesta has fallen by 15 per cent.
The group is slowly venturing into Libya in conjunction with Malta-registered Austrian holding company Vaos and has established three franchises for Mazda, Volvo, and Chinese marque Chery in Tripoli. Smaller operations will be opened in Benghazi in 2010/11 and later in one or two of the smaller cities.
With the Fenech family's Tumas Group, the group is currently involved in the development of the 18,000-square metre Ta' Monita residential project in Marsascala. In another joint venture, the groups have acquired a 10-tumolo stretch of land adjacent to the Gasan Centre in Mrieħel to develop a dedicated business block.
Mr Gasan, 59 and with little intention to retire, said the group was "patiently waiting" for planning permission to be granted to two major Sliema projects: Town Square and Il-Pjazzetta. Last year, it acquired a 25 per cent stake in a long-term upmarket Comino property venture.
Gasan Group, which now employs 500 full-timers, was the first Maltese private company to announce a bond issue in 1994.
The bond issue, which includes an over-allotment option of a further €5 million to total €20 million, is pending approval by the Malta Financial Services Authority. The group has decided to redeem its €11.6 million 2008-2011 bond, which was issued in 2003, next month. The current 4,000 subscribers will be given first preference to rollover their investment in the new bond issue before it is offered to the public.
Mr Gasan said draft accounts for 2008 show similar results to 2007, when the group registered an operating profit of €6.4 million. Given the current downturn, Mr Gasan is pleased the group is "relatively liquid".
The automotive franchises for Jaguar, Mazda, Volvo and Ford continue to be the group's cornerstone operation. Despite the current influx of high value second-hand imports from the UK, demand for Jaguars has increased. In February and March alone, 15 high specification Jaguars were sold, compared to the 30 sold throughout 2008.
Thanks to the new registration tax regime, Mazda and Ford's economical and environment friendly city cars are enjoying "superb response". The Mazda2's price tag has been slashed by 32 per cent and the price of the new Ford Fiesta has fallen by 15 per cent.
The group is slowly venturing into Libya in conjunction with Malta-registered Austrian holding company Vaos and has established three franchises for Mazda, Volvo, and Chinese marque Chery in Tripoli. Smaller operations will be opened in Benghazi in 2010/11 and later in one or two of the smaller cities.
With the Fenech family's Tumas Group, the group is currently involved in the development of the 18,000-square metre Ta' Monita residential project in Marsascala. In another joint venture, the groups have acquired a 10-tumolo stretch of land adjacent to the Gasan Centre in Mrieħel to develop a dedicated business block.
Mr Gasan, 59 and with little intention to retire, said the group was "patiently waiting" for planning permission to be granted to two major Sliema projects: Town Square and Il-Pjazzetta. Last year, it acquired a 25 per cent stake in a long-term upmarket Comino property venture.
Gasan Group, which now employs 500 full-timers, was the first Maltese private company to announce a bond issue in 1994.