€30 Million IHI Bond Issue Opens to Existing Bondholders

International Hotel Investments p.l.c. (IHI) has launched a new €30 million unsecured bond issue carrying a fixed annual interest rate of 5.25%, with a maturity date of 14 July 2036.

The offering forms part of the company’s broader debt refinancing strategy and is being made available exclusively to existing holders of the 4% IHI Bonds 2026 as a rollover opportunity. The bonds will be admitted to trading on the Malta Stock Exchange.

Proceeds from the issue will be used primarily to refinance a portion of the €55 million 4% bond due for redemption in July 2026. Any additional funding required to settle the maturing bonds will be sourced from the Group’s cash resources and/or existing banking facilities.

Applications must be for a minimum of €2,000, with further subscriptions accepted in multiples of €100.

• Issuer: International Hotel Investments p.l.c.
• Issue Size: €30 million
• Coupon: 5.25% fixed per annum
• Maturity: 14 July 2036
• Interest Payments: Annual
• Security: Unsecured
• Denomination: €100 per bond
• Minimum Investment: €2,000
• Listing Venue: Malta Stock Exchange

IHI, the parent company of the Corinthia Group, owns and develops hospitality, residential and commercial real estate assets across a number of international markets. The bond issue is intended to support the Group’s liability management programme by extending debt maturities and strengthening its funding profile.

PG Group Secures Long-Term Lease for New St George’s Mall

PG Group is set to expand its presence in Malta’s retail sector after securing a long-term lease agreement for the upcoming St George’s Mall development in St George’s Bay.

The project will be operated through DB Gauci Shopping Mall Ltd, a joint venture between PG Group and db Group, with PG holding a controlling 60% share and db Group owning the remaining 40%.

The agreement formalises plans first outlined in late 2024 and grants the company rights to operate the shopping centre and its associated parking facilities under a sub-emphyteutical title extending for more than a century.

According to PG Group, the investment represents a strategic addition to its property portfolio and will support further growth in its retail operations.

While the official launch date has yet to be confirmed, the development is anticipated to open in the near future. Planned facilities include a variety of retail outlets, food and beverage establishments, and a supermarket operated under the PAVI-PAMA brand.

Shoreline Mall Seeks Approval for Bond Rollover

Shoreline Mall plc has proposed extending the maturity of its €14 million 4.0% Secured Bonds 2026 by two years to 1 August 2028, subject to bondholder approval at a meeting scheduled for 30 June 2026. To compensate investors for the extension, the company is offering an increase in the annual coupon rate from 4.0% to 6.5%, together with a one-off commitment fee of 0.25% of the nominal bond value.

The company attributed the need for the extension primarily to precautionary garnishee orders linked to an ongoing dispute involving another entity within the wider Shoreline Group, which have complicated its refinancing efforts. Shoreline Mall reiterated that it is not a party to the underlying contract and maintains that neither its operations nor the security backing the bonds have been adversely affected.

To strengthen bondholder protection, the company plans to establish a dedicated sinking fund financed through proceeds from the sale of development assets and future rental income generated by the mall. In addition, the group has undertaken to restrict intercompany debt repayments during the extension period and provide indemnities related to the ongoing litigation.

The proposal follows the company’s earlier indication that it would be unable to redeem the bonds at maturity from existing resources. The Board has unanimously recommended approval of the extension, arguing that it would provide sufficient time to resolve the legal proceedings, complete planned asset disposals and facilitate the full repayment of bondholders.

Malta Company Announcements:

Smartcare Finance Plc

The Company announced that its Annual General Meeting will take place on 25 June 2026. Shareholders will be invited to consider and, where appropriate, approve the following ordinary resolutions:

1. Approval of the Annual Report and the audited financial statements for the year ended 31 December 2025;
2. Renewal of the appointment of Grant Thornton as the Company’s external auditors, with authority granted to the Board of Directors to determine their remuneration; and
3. Renewal of the appointment of the Directors in accordance with the provisions of the Company’s Articles of Association.

HSBC Bank Malta Plc

Consistent with previous guidance on the declaration of quarterly dividends, the Directors have approved a gross interim dividend of €0.036 per share (net: €0.0234).

The dividend will be paid on 30 June 2026 to shareholders on record at the close of trading on Friday, 15 May 2026.

PG Plc

On 15 June 2026, PG plc announced that its Board of Directors is scheduled to meet on Tuesday 30 June 2026 to consider the approval of an interim dividend.

‘Disclaimer: The information provided on this website is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Similarly, any views or opinions expressed on this website are not intended and should not be construed as being investment, tax or legal advice or recommendations. Investment advice should always be based on the particular circumstances of the person to whom it is directed, which circumstances have not been taken into consideration by the persons expressing the views or opinions appearing on this website. Timberland Finance has not verified and consequently neither warrants the accuracy nor the veracity of any information, views, or opinions appearing on this website. You should always take professional investment advice in connection with, or independently research and verify, any information that you find or views or opinions which you read on our website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. All investments carry risks. Your investments may go up as they may go down, including the possible loss of capital. Past performance is not indicative of future results. Timberland Finance does not accept liability for losses suffered by persons as a result of information, views, or opinions appearing on this website. This website is owned and operated by Timberland Invest Ltd. Timberland Invest Ltd. is licensed to conduct investment services business under the Investments Services Act by the MFSA and is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act. ’