BusinessToday Latest Edition

3 NEWS 23.3.2023 MATTHEW VELLA VALLETTA property owner Valletta Boutique Living has announced a review of its strategic options, in a bid to expand its core market by raising capital from new financial investors. VBL said the prospective equity transac- tions could result in a change to the share- holding structure. e company said it had started discus- sions with local and international advisors to map out potential opportunities. "As part of this process, the company will explore and perform a comprehen- sive evaluation of strategic options and initiatives to unlock and maximise share- holder value going forward. No decision to the selection of specific strategic op- tions has been made so far and there is no certainty if and when such decisions will be made in the future," the company said. It said any specific decisions would be announced to the market. "is an- nouncement was made to inform and assure all shareholders that, while the fi- nancing of the current development cycle is secured, the company wishes to begin to review the possible strategies and plans for the next development cycle." VBL's market operation is Valletta, where it owns a considerable stock of real estate geared towards the tourism and entertainment market. e company said it will still focus its operations on Valletta and remains involved in the full process of real estate acquisition, integrated real es- tate development, property management, operations, rental and the occasional dis- posal of non-strategic properties. VBL is today the largest private owner of real estate in Valletta with a diversified portfolio of residential, hospitality, com- mercial and office space. Today the Group has three major busi- ness lines: acquisition, development, and operations. VBL's overall business model is simple: it acquires property, conceptualise sit, regenerates it and then operates the final product using its market share and econ- omies of scale to outperform independent operators. e company listed all of its shares on the Malta Stock Exchange in 2021 and since its IPO, continued to implement its declared expansion along its announced plan. At the time of the IPO, shareholders holding 10% or more of the shares under- took not to transfer their shares for a pe- riod of twenty-four months from the date of listing. e issued share capital of VBL as of 31st December 2021 was 244,471,217 or- dinary shares of a nominal value of €0.20 per share. All shares are listed on the Malta Stock Exchange and hold the same rights. As of 31st December 2021, no single shareholder owns 25% or more of the company. In its Interim Consolidated Financial Statements for January to June 2022, VBL reported revenue of €894, 884, of which approximately 16% was not hospitality related. is was an increase of 315% on the pre- vious year's comparative period. VBL achieved an EBITDA of €47,907 for the period of the interim report. is compares to revenue of €203,499 and a negative EBITDA of €207,408 in the corresponding period of 2021. FROM PAGE 1 e fallout from the recent banking crisis spurred by the collapse of two US banks — and concerns about the health of a third — is bubbling up in the mar- ket for international commercial real estate lending, as borrowers fear that banks will pull back. at could slowly increase the likelihood of a recession, analysts and real estate experts have said. "Banks across the globe are facing ma- jor dilemmas, and the decisions taken in the coming days will affect the global economy," he said. e finance minister said he predicts inflation rates to remain high over the course of the coming months. "is means government needs to plan for a longer span of time in order to help people," he said. "It also means govern- ment needs to be more intelligent in its expenditure, and this includes cost-cut- ting exercises which were started last year." He said European countries have been told that they need to lower their deficit. "During a meeting between member states' finance ministers, the sentiment was that countries need to lower the deficit and push for renewables," he said. "Now that Europe has emerged from the pandemic and major shocks from inflation are over, there is a push for governments to balance their cheque books." He said Malta needs to be proactive in its transition to renewable sources of energy. "We do not want to the Europe- an Commission to come here and force us to do so at the eleventh hour." Caruana also said there is push for member states to adopt a minimum tax rate. "Across the European continent, the determination of member states to en- act reforms is stronger than before. I have never seen such determination, and I believe we have to make an effort too," he said. Valletta's largest property owner seeking to raise capital from new investors 'Decisions taken in coming days will affect global economy' VACANCY MARCO ASTROLOGO is looking to employ a LABORATORY ASSISTANT on a full-time basis. Interested persons are invited to send their CV via email to: marcoastrologo@hotmail.com by not later than 27th March 2023. No Agencies Please. The US Federal Deposit Insurance Corporation (FDIC) seized the assets of the Silicon Valley Bank on 11 March

• Cover