Issue link: https://maltatoday.uberflip.com/i/1463329
2 NEWS 31.3.2022 LEADING digital services provider BMIT Technologies plc reported an- other set of strong results for 2021. Despite the challenges brought about by the pandemic realities, the company results keep showing a positive perfor- mance. ese results, as approved by the board of directors, have been an- nounced in a company announcement with a recommendation to distribute annual dividends of just over €5 mil- lion (€5,083,775) for the financial year ending 2021, almost €0.025 per share (€0.02497). BMIT Technologies also published its 2021 financial results, showing a year- on-year increase of 5.5% in revenues to €25.3 million, with the main drivers for this growth being an increase in de- mand for cloud and managed IT servic- es. EBITDA amounted to €10.7 million, with operating profit surging by almost 6% to €8.4 million. "Performance in 2021 has shown that the extraordinary global circumstances that unfolded during the year, did not distract us from focusing on our vison for long-term growth that will allow us to deliver healthy returns to our share- holders", said Nikhil Patil, Chairman of BMIT Technologies plc. "is year's recommended dividend to shareholders is in line with our commit- ment to investors during the IPO. Our sustained investment, coupled with a strategic focus on key growth areas gives us the confidence to create long- term value for our shareholders," added Mr Patil. "We are re-inventing the way of doing business by taking advantage of our leg- acy and leveraging our strength, to de- velop and build new capabilities which will allows us to engage different tech- nologies, to power client business and to offer a simplified solution to business problems. is will result in value to cli- ents and also to our shareholders", add- ed Ing Christian Sammut, BMIT Tech- nologies' CEO. e final dividend for the year ended 31st December 2021 will be paid on the 26th May 2022 to all shareholders who are on the shareholders' register as at Friday 22 April 2022. e Annual General Meeting will be held remotely on Tuesday 24 May 2022. BMIT Technologies reports €8.4 million in 2021 operating profits MERCURY Projects Finance p.l.c., the finance arm of property magnate Jo- seph Portelli's group of companies, has issued an offer of €50,000,000 4.3% se- cured bonds 2032 which are guaranteed by Mercury Towers Ltd. e bonds are expected to be admitted to the official list of the Malta Stock Ex- change on 10 May 2022 and trading is expected to commence on 11 May 2022. Calamatta Cuschieri Investment Ser- vices Limited is acting as sponsor to Mercury Projects Finance p.l.c. On ad- mission to trading the bonds will have the ISIN MT0002191220. According to the prospectus published by the group's finance arm, the bonds are being issued in an aggregate amount of up to €50,000,000 with a nominal val- ue of €100 and redeemable at par and redeemable on 25 April 2032. e first interest payment will be due on 25 April 2023 and the last interest payment on redemption date. Apart from the Issuer, the Mercu- ry Towers Ltd has other subsidiaries, each of which own and are involved in the development of different elements of the Mercury House Project in St Ju- lians. ese include Mercury Hotel Ltd. (C 100730), Mercury Commercial Mall Ltd. (C 100729) and Mercury Car Park II Ltd (C 100736). Mercury Towers Ltd holds all the is- sued shares in Mercury Projects Fi- nance except for one share which is held by Joseph Portelli, who is also the ultimate beneficial owner of the group. e bonds are guaranteed in respect of both the interest due and the prin- cipal amount by Mercury Towers Ltd, and will also be secured by a first rank- ing special hypothec on the immovable property within which the Mercury Ho- tel is being developed. e Mercury House Project is a commercial, accommodation and lei- sure development of approximately 109,717sq.m of floorspace. It was initially awarded full develop- ment permit by the Malta Planning Au- thority on 12 January 2018 – REF. Plan- ning Authority Permit PA 06955/17, which at the time covered only the de- velopment on Mercury Site. On 17 December 2020, the Mal- ta Planning Authority issued permit REF. Planning Authority PA 01892/19 through which it awarded full develop- ment permit for the rest of the project, mainly that part to be developed on the Exchange Site and also to approve three additional floors on the previously ap- proved main tower as well as change of use for some spaces, including the re- design of the podium to include a 19- storey hotel. e finished complex will include a mix of historical and ultra-modern edi- fices on its Site. At its heart is a 19th century heritage building, also known as Mercury House, which is flanked by a 34-storey tow- er, next to which lies a 19-storey hotel which is in turn flanked by a V-shaped peripheral block, with all these build- ings abutting onto a piazza, and with underground storeys underlying such entire development. e project will consist of a mixed- use development comprising serviced apartments, a hotel, a commercial mall, other leisure, retail and commercial ac- tivity and an underlying car park. Mercury Towers Ltd acquired the Mercury Site in two stages, by virtue of the two Mercury Site Public Deeds in December 2016 and June 2017 for a total price of €24,255,000 Mercury Projects Finance issues €50 million 4.3% secured bond offer