Island Hotels Group Holdings plc is pleased to announce that their Combined Offer of €14 million in Bonds and €17.6 million in equity has been oversubscribed in both cases and that the Company decided to close subscription lists today at 9.45 a.m, just over an hour after opening.

The Combined 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 general public has taken up the remaining 25%.

On commenting about the success of the Offer the Chairman and Board of Directors of the Group said that they are very pleased with the success of both the Bond Offer and the Equity Offer.  

“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. On behalf of everyone who forms part of our Company I would like to take this opportunity to thank all the investors, banks, financial intermediaries, advisers and all our internal team of staff for their support in making this Offer a success”, said Group Chairman Winston V. Zahra.

Group CEO Winston J. Zahra added that, “Our Company has a strong track record and has grown from nothing to what it is today in a very short time.  Our transition from a traditional family company to a fully blown 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.”

Island Hotels Group has been in operation for the past twenty two years and today incorporates within it Island Caterers Ltd, the Radisson Blu Resort St. Julian’s, the Coastline Hotel, 50% of the Radisson Blu Golden Sands Resort & Spa and 50% of the Azure Group.  

The management of the Combined Offer was led by Bank of Valletta, who also acted as registrar, and jointly managed by HSBC.  Charts Investment Management Services Ltd was the sponsoring stockbroker while Camilleri Preziosi Advocates served as legal counsel and Deloitte as reporting accountants to the Offer.