The Malta Independent 28 May 2018, Monday

Malta Properties in talks to buy SmartCity majority stake

Thursday, 17 May 2018, 15:09 Last update: about 9 days ago

Malta Properties Company is holding talks with SmartCity (Dubai) for the possible acquisition of its majority shareholding in SmartCity (Malta), the company said.

"The company is in the initial stage of evaluating this potential opportunity through appropriate due diligence and will adhere to all applicable legal requirements throughout the process," Malta Properties said in a company announcement on the Stock Exchange.

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Malta Properties Company was hived off from GO three years ago while SmartCity (Dubai) is a wholly owned subsidiary of Dubai Holding LLC Dubai, United Arab Emirates.

SmartCity was to be the flagship of the Dubai company's investment in Malta. The $300 million knowledge-based township started in 2007 was touted at the time as the largest foreign investment in Malta and was expected to generate 5,600 jobs.

Much of the site earmarked for residential development never materialised.

SmartCity Malta is also owned by the Maltese government through a 9% stake, while the rest if owned by SmartCity Dubai.

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