10 APRIL 2002

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Gasan, Grech retain Plaza Centres directorship

Responding to last week’s Malta Financial and Business Times story on the sale of Plaza Centres shares by Gee Five Ltd to Middle Sea Life Assurance Ltd, Plaza Centres Chief Executive Julian Zammit confirmed that both MSV’s Mario C. Grech and Gee Five’s Joe Gasan are both to remain on as Plaza Centres directors. Mr Zammit described their work on the board of directors as "instrumental".

Through last week’s sale of 770,000 at a price of Lm462,000, MSV became Plaza Centres’ largest individual shareholder, with a total 22.1 per cent overall shareholding. However, no individual shareholder holds a majority stake in the company.

Both Gee Five and MSV have been involved in Plaza Centres since its inception and Mr Zammit explains the deal as, "…a straightforward deal where one of the major shareholders reduced its stake in the company in favour of another major stakeholder, who has decided to increase its holding further."

Meanwhile, MSV Chairman Mario C. Grech explained, "When the company was listed on the Malta Stock Exchange, MSV Life took the opportunity to increase its holding and the recent opportunity that presented itself instigated MSV to increase its holding further.

"This acquisition falls in line with MSV’s long-term strategy of investing in good quality, income-yielding instruments considered to have good growth prospects. Plaza Centres, with its operational security, dovetails into these criteria. MSV shall not seek to change the operations of Plaza Centres and will entrust the future strategy of the company to the board of directors."

Copyright © Network Publications Malta.
Editor: Saviour Balzan
The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07, Malta
Tel: (356) 21382741-3, 21382745-6 | Fax: (356) 21385075 | e-mail: editorial@networkpublications.com.mt