Malita registers €7.2 million in interim 2013

The directors of Malita plc, the special purpose vehicle financing the construction of the City Gate project, reaped €7.2 million in pre-tax profit for interim-2013 on revenues reaped from rented government land.

Malita directors approved the payment of a gross interim dividend of €442,800 or €0.01476 per ordinary share, equating to an interim net dividend of €287,700 or €0.00959 per share.

The interim dividend will be paid on 13 September to shareholders.

The special purpose vehicle raises finance for the construction of the €80 million City Gate project and new parliament building by issuing shares to the public. It is 70% owned by the Maltese government, and receives the rents from leases of the Valletta cruise liner terminal, and Malta International Airport.

Malita will be acquiring the parliament building and the open-air theatre on a temporary emphyteusis of 65 years for €82 million and a ground rent of €100,000 annually. In return, these two investments are expected to generate revenues to the company in the form of rent receivable by way of two lease agreements entered into between Malita Investments and the government.