Hili Ventures, one of Malta’s most prominent business groups, has launched a €80 million bond issue to acquire the Comino Hotel and surrounding bungalows with the purpose of converting the site into a luxury retreat.
“Hili Ventures has initiated the design process to redevelop the existing properties into an exclusive five-star hotel and luxury serviced bungalows,” the registration document states.
“The vision is to offer guests a one-of-a-kind experience through the creation of an eco-friendly secluded retreat, surrounded by pristine nature. The proposed project is subject to the issuance of necessary approvals and planning permits, and having the required funding in place.”
On 24th May, Hili entered into a share purchase agreement with Kemmuna Ltd, the owners of the Comino Hotel and surrounding bungalows, that will see it acquire its entire share capital for €55 million.
The bond issue, launched by Hili’s subsidiary company Hili Finance earlier this month, will see it issue €80 million in bonds with a face value of €100 per bond, subject to a minimum subscription of €2,000 in bonds. The bonds will bear interest at the rate of 3.80% per annum, with the first interest payment will be effected on 27 August 2020.
Cover photo: Comino Hotel