Between 2016 and 2017, the Group reorganised its structure ahead of the Bond Issue.
ST Hotels Ltd (C 78678) and ST Properties Ltd (C 78261) were set up as subsidiaries within the Group on 16 December 2016 and 23 November 2016 respectively. The Issuer indirectly owns the majority of both companies’ shares.
As part of the reorganisation, ST Hotels Ltd took over the business, operations, assets and contracts of Stivala Operators Limited (C 23860), and ST Properties Ltd took over the business, operations and assets of Stivala Properties Ltd (C 51411), both with effect from 1 January 2017. Both companies had been subsidiaries of C. Stivala & Sons Limited (C 4510).
Since that date, Stivala Operators Limited and Stivala Properties Limited have stopped trading and are due to be liquidated.
C. Stivala & Sons Limited, previously one of the Group’s main property-holding companies, was merged into the Guarantor in the third quarter of 2017. The Guarantor is now the Group’s principal property-holding company, with day-to-day operation of its properties carried out by:
ST Properties Ltd: commercial and residential properties, sub-leased and managed through agreements with third parties.
ST Hotels Ltd: hotels, hostels and guesthouses, operated directly in its own name. ST Hotels Ltd also has two associate companies: Sliema Creek Lido Ltd (C 87108), which holds the Lido at the Strand in Gzira, and Aqualuna Lido Ltd (C 95143), which operates Aqualuna Lido.
The Group has two further operating associate companies. Platinum Developments Ltd (C 70581) owns and leases three residential units and one office on the Sliema seafront. Civala Limited (C 66336) has not yet begun operating.