Share structure changes at Mall of Cyprus and Mall of Engomi

Share structure changes are on the way for Mall of Cyprus and Mall of Engomi, with both notifying the Cyprus Stock Exchange (CSE) that their shareholders will meet on 31 August 2023 to discuss – inter alia – increasing their share capital as well as the acquisition of shares by Pareto Limited.

According to the announcements, the shareholders will vote on whether to approve an increase of the company's authorised share capital from €85,500,000 divided into 171,000,000 ordinary shares with a nominal value of €0.50 each, to €185,500,000 divided into 371,000,000 ordinary shares with a nominal value of €0.50 each. This will happen with the creation of 200,000,000 common shares with a nominal value of €0.50 each, which will have the same rights as the company's existing common shares.

In addition, the shareholders will be informed about future transactions or resolutions that they will be called to approve, so they can provide the relevant proxies and/or waivers that will be required. One of the issues, as mentioned above, will be the acquisition of shares by Pareto Limited.

It is noted that Pareto Limited acquired 25% of Atterbury Europe – the two malls’ owner – back in 2019.

An eye on Limassol

The shareholder changes at the two malls could be linked to Atterbury Europe’s plans to expand in Cyprus with a new mall in Limassol.

Back in February, Atterbury representatives told InBusinessNews: “Atterbury Europe is constantly looking for opportunities to expand in the countries where it is active. Cyprus is no exception and the market of Limassol seems attractive.”

Though it didn’t have any specific plans to announce.

Pareto Limited is based in Africa and has an extensive real estate portfolio that includes luxury hotels and various premium malls.

It employs over 30,000 people at malls in South Africa, while its European portfolio includes investments in Romania, Cyprus and Serbia.