GO plc share­hold­ers ap­prove res­o­lu­tion to sell 49% of BMIT shares

The Malta Business Weekly - - NEWS -

Dur­ing an Ex­traor­di­nary Gen­eral Meet­ing held at the Westin Drag­o­nara, GO plc share­hold­ers ap­proved a res­o­lu­tion to au­tho­rise the board of di­rec­tors of the com­pany to sell a max­i­mum of 49% of the or­di­nary is­sued share cap­i­tal of BMIT Tech­nolo­gies plc at €0.49 per share which equates to a con­sid­er­a­tion of ap­prox­i­mately €49 mil­lion GO plc will there­fore re­tain ma­jor­ity share­hold­ing in BMIT Tech­nolo­gies.

The com­pany had an­nounced its in­ten­tion to un­der­take this ini­tial pub­lic of­fer­ing sub­ject to share­holder ap­proval a few months ago, ex­plain­ing that the sale of the shares would gen­er­ate liq­uid­ity that would in turn be ap­plied to de­liver re­turns to its share­hold­ers and ac­cel­er­ate in­vest­ments in the roll-out of GO’s fi­bre net­work.

Ad­dress­ing the well-at­tended ex­traor­di­nary gen­eral meet­ing were GO plc Chair­man Mo­hamed Fad­hel Kraiem, CEO Nikhil Patil and BMIT CEO, Chris­tian Sam­mut. ‘Through our in­vest­ment in the BMIT group, and the im­pres­sive range of data ser­vices that we of­fer, our in­ten­tion is to reach a bal­ance be­tween grow­ing this valu­able busi­ness fur­ther, whilst at the same time gen­er­at­ing healthy liq­uid­ity that prom­ises solid re­turns to our share­hold­ers whilst en­abling BMIT Tech­nolo­gies to stand in­de­pen­dently as a com­pany and grow in its own right’ said Mr Kraiem.

Mr Kraiem ex­plained that on the back of a pos­i­tive per­for­mance in pre­vi­ous years that al­lowed the com­pany to pay out a record div­i­dend of 13c per share (2017), now at the end of 2018 he felt con­fi­dent that year end tar­gets will be reached and per­son­ally thanked all the lead­er­ship teams at GO for their ded­i­ca­tion that has made GO a bench­mark of ex­cel­lence in Malta

The time­lines for the up­com­ing share of­fer were an­nounced to be:

• ap­proval from the MFSA is ex­pected to­wards the

be­gin­ning of Jan­uary 2019

• the of­fer­ing pe­riod shall com­mence to­wards mid

Jan­uary 2019; and

• list­ing of the shares on the Of­fi­cial List of the Malta Stock Ex­change is ex­pected in early Fe­bru­ary 2019.

More in­for­ma­tion can be found un­der the in­vestors sec­tion at www.go.com.mt

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