Completion of Class 2 transaction
Reference is made to the Company Announcement issued by BMIT Technologies plc on 23 May whereby it was announced that BM IT Limited, a company registered in Malta, a subsidiary of the company, entered into a promise of sale agreement with BM Holdings & Investments Limited.
Pursuant to the promise of sale agreement, BM IT promised and bound itself to purchase and acquire from the vendor a building, without official number constructed on two plots of land known as plot 55 and plot 56 respectively, situated in Triq Manuel Borg Gauci corner with Triq Luigi Maria Galea in Tal-Handaq, Qormi. The property houses the BMIT Group’s largest data centre with a capacity of approximately 300 racks.
As stated in the original announcement, the acquisition of the property was conditional on, among others, the approval thereof by the company’s shareholders. The acquisition was approved at an
Extraordinary General Meeting of the company held on 6 August, as announced by a Company Announcement bearing the same date.
The company hereby announces that the final deed of sale and purchase in respect of the property was executed on 17 January by means of a deed in the records of Notary Dr Pierre Attard.
The acquisition of the property enables the BMIT Group to carry on a significant part of its operations from its own property. This minimises, and in some cases, avoids risks associated with a migration to another facility, including financial expense, operational disruption and risk of loss of business, as customers allocated to the data centre operating from the property will not need to be relocated.
As a result of the acquisition of the property, the BMIT Group will be incurring less expenditure on the rental of premises.