Mission accomplished: Hili to delist property company

Hili Ventures Ltd has secured approval to delist Hili Properties plc, capping a long-running battle with minority shareholders and clearing the way for the property company’s exit from the Malta Stock Exchange, according to a company announcement.

At an extraordinary general meeting, shareholders approved the discontinuation of listing with 97.07% support, comfortably above the 95% threshold required under Malta’s capital markets rules.

The vote came days after Hili Ventures Ltd pushed its stake above 90%, crossing the key threshold that allowed it to trigger the delisting process.

An application has already been filed with the Malta Financial Services Authority, leaving regulatory approval and coordination with the exchange as the final steps before the delisting takes effect.

While for Hili, it is mission accomplished, for minority shareholders, it is a decisive defeat.

The result follows more than a year of resistance from investors who had blocked an earlier attempt to take the company private, rejecting a €0.24-per-share voluntary offer they argued significantly undervalued the business.

Tensions escalated further after the company suspended dividends despite reporting profits, fuelling accusations that minority interests were being ignored while the parent company tightened control.

Those objections have now failed to stop the outcome.

The delisting will remove Hili Properties from the public market and leave the few remaining shareholders facing an uncertain choice to either sell if an exit route emerges or remain invested in an unlisted company.

While delisting does not automatically trigger a squeeze-out, Hili Ventures Ltd now holds overwhelming leverage over the company’s future.

Hili Ventures is set to build a hotel on Comino, a Natura 2000 site. The Planning Authority has already issued a permit, but NGOs are still vowing to oppose the project.