Subscriptions for Lm15 million in bonds issued by GAP Development closed shortly after opening on Monday morning, with the issue over-subscribed.

An amount of Lm9 million in bonds was taken up by institutional investors and stockbrokers last week during the pre-placement stage, and Lm6 million was taken up on Monday by the general public.

The funds raised through these bonds will be used to part-finance the development of the Fort Cambridge complex, on land acquired by tender from the government, on Sliema’s Tigne peninsula. There will be three blocks with a total of 340 apartments.

The bond issue was underwritten by Charts Investment Management Service Ltd and sub-underwritten by Collins Stewart (CI) Ltd. Charts Investment Management Service Ltd and Curmi & Partners Ltd are joint sponsoring stockbrokers. The manager and registrar is HSBC Bank Malta.

An application has been made for the bonds to be listed on The Malta Stock Exchange.

GAP Development chairman George Muscat said: “I am delighted at the confidence that corporate and institutional investors, and so many members of the general public, have shown in our project. We are very grateful for their support.”