Malta Properties Company is in the final stages of evaluating its acquisition of SmartCity.

The company said in a company announcement that discussions with SmartCity (Dubai) FZ-LLC were still underway regarding the possible acquisition of 91% of the shares.

MPC was hived off from GO almost four years ago, while SmartCity (Dubai) is a wholly owned subsidiary of Dubai Holding LLC Dubai, United Arab Emirates.

Read: Malta Properties in talks to buy SmartCity majority stake

The Emirates company had sold its 60 per cent shareholding in GO to Tunisie Telecom in August 2016 but had retained its shares in SmartCity. It also has shares in MPC. Before the sale, GO hived off its property portfolio, worth more than €50 million, into Malta Properties Company.

Any agreement would be subject to general meeting and regulatory approvals, among other steps.

In an update of the various properties and projects, MPC said that the Żejtun exchange and data centre should be completed by the end of next year.

While its long-term agreements with GO, Vodafone Malta and Finco Trust Services continue, it also leased out its last office at the newly refurbished premises, ‘The Bastions’, in Floriana to the Planning Authority.

The new Birkirkara Exchange is near completion and is expected to be handed over to GO at the beginning of next month.

During the third quarter of 2018, MPC finalised the deed of sale of its Sliema Old Exchange site for a consideration of €5 million, and also entered into a promise of sale agreement for its St George’s site.
The transfer of the newly built exchange from Mercury House to GO is still in progress.