On Tuesday 15 February, AX Real Estate plc listed 97,193,600 Eur0.125 Ordinary A shares and trading commenced on Wednesday 16 February. AX Real Estate plc also issued 3.5% Unsecured Bonds with a nominal value of Eur40,000,0000 on Tuesday 15 February, and trading commenced on Wednesday 16 February.
MSE Chairman Mr Joseph Portelli welcomed AX Group founder and Chairman Mr Angelo Xuereb and congratulated the company of their successful listings and noted that the MSE is pleased to see entrepreneurs raise funds for projects through the capital market. Mr Xuereb said that AX Group currently has five listings and since the first listing 25 years ago, he has realised the value of the capital markets not just for raising capital but also with respect to succession planning, which ensures continuity and growth.
Denise Micallef Xuereb, CEO of AX Real Estate said, ‘‘The purpose of the listing was to finance the significant investment in the Verdala Hotel and Virtu Heights project in Rabat, together with the Suncrest hotel extension in Qawra. The finance that is being raised through the listing is part of the estimated EUR 110 M required to complete these mentioned projects, both of which are currently progressing well and on schedule. We remain committed to building on AX Group’s track record and elevating this success further to ensure good long-term property investment opportunities.’’
Mr Michael Warrington said that ‘‘Decades ago, AX Group set out a path for its real estate operations with two firm goals: firstly, to consistently advance quality standards in the properties it develops and manages; and secondly, to give its investors and clients long-term peace of mind through sound property investment opportunities and long-term growth. Today, having consolidated the Group’s well-diversified portfolio of managed local properties under AX Real Estate p.l.c. we are an industry leader’’.
Mr Xuereb expressed gratitude to the members of the Board for their continued support, to the Malta Stock Exchange team and the sponsors namely, Rizzo Farrugia, MZ Investments and Curmi & Partners, to Bank of Valletta as Manager and Registrar, and Camilleri Preziosi who acted as Legal Counsel, all of whom helped make the listings a success.