Global Capital to divest Metropolis for €3.8 million
Financial services’ company GlobalCaptial plc will be divesting itself of its development arm with an aim to concentrate on financial services, only a few years after building up an impressive portfolio in an expansionist mood.
27 August 2010, 12:00am
Charlot Zahra
Charlot Zahra
1 min read
The announcement was made in a company announcement filed by Global Capital on the Malta Stock Exchange (MSE) at around 4.40 pm today, 20 minutes before close of business at 5pm.
The company announced that yesterday it had agreed terms for the sale of all the shares the company held by wholly-owned subsidiary company Central Landmark Development Limited, in Metropolis Developments Limited, as well as the nominal shareholding held by Central Landmark Development in the subsidiaries of Metropolis – Metropolis (Contracting) Limited and M Plaza Investments Limited.
The company expected to conclude this transaction “before the end of September”.
GlobalCapital explained that the proposed price of the transaction was €3.805,957. which represented the par value of the shares being transacted.
Before the proposed sale, the company owned 1,634,000 fully paid-up ordinary A shares at €2.329373 each, which represented 40.85% of the entire issued share capital of Metropolis.
In its announcement, GlobalCapital explained how the divestment of the Metropolis shareholding was “in line with the strategy of the company to focus on strengthening its financial services’ division, in particular its insurance activities”.
