MIA Announces Execution of a Share Purchase Agreement for the Sale of its Shares in Valletta Cruise Port PLC (VCP)
Malta International Airport plc, together with Bank of Valletta plc and FSG Limited have today entered into a binding share purchase agreement for the sale of 30.97 per cent shareholding in Valletta Cruise Port PLC to Global Liman İşletmeleri A.Ş. (“GLI”), a 100% subsidiary of Global Yatırım Holding A.Ş. The successful completion of the transaction is subject to legal and regulatory approvals and the waiver of the pre-emption rights by the remaining shareholders of VCP to allow the transaction to be completed in accordance with the terms agreed in the share purchase agreement. The total consideration for the shares will be announced following the successful completion of the conditions precedent and closing of the transaction.
The agreement envisages the sale by each of MIA, Bank of Valletta p.l.c. and FSG Limited of all of their respective shares in VCP, for an equity stake totalling 30.97 per cent of the issued share capital of VCP.
Commenting on the SPA, Alan Borg CEO of MIA stated “For MIA, this is a strategic sale which allows us to shed non-core investments to focus on our core activities of running our airport. For VCP, the addition of a strategic shareholder with an important presence in the cruise market will certainly add immense value to VCP’s business in the cruise industry. The transaction has been made possible through the co-operation between three shareholders in VCP selling their shares as one stake in the company.”
Marketing & Brand Development
1 September 2015