Subscriptions for Lm15 million in bonds issued by GAP Development plc closed shortly after opening yesterday 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, while Lm6 million were taken up today by the public.

The money 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.

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