Malita Investments p l c : AMENDMENTS TO EMPHYTEUTICAL CONCESSION REGARDING THE AFFORDABLE HOUSING PROJECT
November 28, 2023 at 08:45 pm IST
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COMPANY ANNOUNCEMENT
MALITA INVESTMENTS P.L.C.
(THE "COMPANY")
AMENDMENTS TO EMPHYTEUTICAL CONCESSION REGARDING THE AFFORDABLE HOUSING PROJECT
Date of Announcement
28 November 2023
Reference
113/2023
In terms of Chapter 5 of the Capital Markets Rules
QUOTE
The Board of Directors of Malita Investments p.l.c (the "Company") makes reference to the announcement issued by the Company on the 1st November 2023 (co ann 111/2023) (the "Company Announcement"). As highlighted in the Company Announcement, on the 29th December 2017, the Company appeared on and executed an emphyteutical deed with the Housing Authority in relation to sixteen (16) property sites in a number of locations across Malta for the purposes of developing a number of residential units for affordable housing purposes (the "Deed of Emphyteusis").
The Board of Directors of the Company hereby announces that earlier today, the Company appeared on and executed the relevant public deed giving effect to the following amendments to the Deed of Emphyteusis as set out in the Company Announcement:
An extension to the emphyteutical concession (originally contemplated by the Deed of Emphyteusis to run for a twenty-eight (28) year period commencing from the 29th December 2017) by a further period of eight (8) years thus extending the term to a total period of thirty- six (36) years commencing from the 29th December 2017;
A rescission of the temporary utile dominium which the Company holds over a site in Zebbug of around 841 square meters after it has transpired that the development of this site would not be commercially feasible for the Company. This rescission will also result in a corresponding reduction in ground rent.
As set out in the Company Announcement, it is anticipated that the aforesaid extension will translate into additional revenue for the Company over the extended period of the concession and a higher return from the project.
UNQUOTE
By Order of the Board
Signed
Dr Donald Vella Company Secretary
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Disclaimer
Malita Investments plc published this content on 28 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2023 15:14:14 UTC.
Malita Investments p.l.c. is a Malta-based investment holding company. The Company is primarily engaged in the financing, acquisition, development, management and operation of immovable property, in particular, projects of national and/or strategic importance. The Companyâs investment portfolio consists of various government projects such as the Maltese Parliament, Valletta City Gate, Open-Air Theatre, Affordable Social Housing, Valletta Cruise Port and Malta International Airport. The Company develops approximately circa 768 apartments, 514 lock-up garages and 161 parking spaces.
MALITA INVESTMENTS P.L.C. 
