An offer of three million ordinary shares, marking a 30 per cent stake in Grand Harbour Marina, was fully subscribed within hours of opening to the public last week.
The shares, each of a nominal value of 10 cents, have been sold at 70 cents by shareholders Portosalvo Holdings Ltd, V & F Portelli & Sons, Nicholas Maris and Simon Arrol. Grand Harbour Marina, which owns and operates the marina with super-yacht berths beneath Fort St Angelo in Vittoriosa, will now seek listing on the official list of the Malta Stock Exchange.
Company chairman Nicholas Maris said: “We had full confidence that this share offer would be brought to a successful conclusion. We greatly appreciate the faith shown in Grand Harbour Marina’s long-term future by those who have now joined us in investing in the business. To them I say: welcome on board. There are interesting times ahead.”
The share offer was fully underwritten by HSBC Bank Malta, though the underwriting function did not come into play because of the strong demand for the shares.
Niki Portelli – CEO of GlobalCapital Financial Management said: “Global Capital is glad to have contributed to the success of this share offering. The public has shown great confidence in the strong management and business prospects of Grand Harbour Marina. This should serve to encourage other Maltese companies to go public and seek listing on the stock exchange. GlobalCapital has strived to promote the Maltese capital market and will continue to do so.”
Grand Harbour Marina has sought public limited company status and listing on the stock exchange as this will give the operation much better status in the international arena in which it operates.
The company derives its main revenue from the sale of 25-year leases on its 200 pontoon berths and 33 super-yacht berths, from visiting yachts, temporary rentals, annual berthing fees and service charges.
Grand Harbour Marina is run in conjunction with the international yachting company Camper & Nicholsons (Marinas), which manages several marinas throughout the Mediterranean.
Grand Harbour Marina is one of the first Mediterranean marinas to have acquired full ISPS certification for security under the International Maritime Organisation and Bureau Veritas codes.