Ablecare’s €15 million bond issue for Mediterranean Maritime Hub fully subscribed

Mediterranean Maritime Hub Finance plcs €15 million 4.8% Unsecured Bonds 2026 have been subscribed in full.

The bonds, guaranteed by Ablecare Oilfield Services Holdings, were taken up within 48 hours.

 “The Company would like to take this opportunity to thank all those who have shown interest in the bonds, namely, the bondholders themselves, and the authorised Intermediaries, Calamatta Cuschieri Investments Services Ltd, Crystal Finance Investments Ltd, Jesmond Mizzi Financial Advisors Ltd and Michael Grech Financial Investments Services Ltd. for their support and trust,” Mediterranean Maritime Hub Finance p.l.c said in a statement.

Ablecare intends to invest a total of circa €55,000,000, broken down into three phases, to rehabilitate the Mediterranean Maritime Hub site at Marsa.

The first two phases of the project is expected to be circa €37,500,000 over a period of five to seven years, which includes the premium payable to the government of Malta for the acquisition of the concession.

Apart from the bond issue, the remaining capital expenditure will be funded by bank finance and own funds.

Subsidiaries Ableman International Limited and Mainticare Limited are the key operating and trading entities within the group, operating in the marine, oil and gas services sectors.

Ablecare will rehabilitate the former Malta Shipbuilding facility in the Grand Harbour into a circa 169,000 square metre hub dedicated to the marine, oil and gas sectors, with all the facilities typically associated with such a hub, including a dedicated rig servicing centre, support facilities for engineering services, yard storage facilities, berthing and docking facilities, logistical services and a specialised training centre.

Ablecare entered into a contractual deed with Malta Industrial Parks Limited for the emphyteutical concession to the site in question for a period of 65 years.