The Combined Offer of T.M.C. Limited and Vassallo Builders Group Limited of €14 million in Bonds and €17.6 million in equity in Island Hotels Group plc has been fully subscribed a few hours after the subscription lists were opened. The Combined Offer sees the realisation of an investment by Vassallo Builders Group Ltd. in the Company following a 22 year partnership with the Zahra family through their holding company T.M.C. Limited. As part of the combined offer the Zahra family has now increased its equity stake in the group up to 75% while the general public has taken up the remaining 25%.
Island Hotels Group has been in operation for the past twenty two years and today incorporates within it Island Caterers Ltd, the Radisson Blu Resort St. Julian’s, the Coastline Hotel, 50% of the Radisson Blu Golden Sands Resort & Spa and 50% of the Azure Group. Camilleri Preziosi acted as legal advisers.