Comino hotel developer Hili raises BOV stake above 5%

Hili Ventures, the business group behind the controversial redevelopment of the Comino Hotel, has increased its stake in Bank of Valletta to more than 5%, currently valued at around 70 million euros.

The investment is held through Slingshot Global SICAV plc, a newly established investment vehicle related to Hili Ventures.

According to a BOV announcement, Slingshot increased its shareholding in Malta’s largest bank from 4.99% to 5.04% on 26 August. Crossing the 5% threshold triggered disclosure obligations under capital-market rules.

Slingshot Global SICAV was incorporated in Malta in December 2025 and is registered at Nineteen Twenty-Three, Triq Valletta, Marsa – Hili Ventures’ headquarters.

The SICAV’s public legal entity identifier record does not disclose a direct or ultimate parent, citing its status as a non-consolidating entity. BOV’s disclosure, however, identifies Slingshot as a related party of Hili Ventures.

The privately owned group is led by entrepreneur Melo Hili and has extensive interests in hospitality, property, retail, technology, engineering, logistics and food services. Its operations include the McDonald’s franchise across several European markets and businesses connected to Apple distribution.

Through its subsidiary HV Hospitality, the group also owns the former Comino Hotel and bungalow complex, acquired in 2019 for €55 million.

Hili intends to replace the abandoned hotel and bungalows with a luxury resort to be operated under the Six Senses brand. The latest stated investment in the project is approximately €170 million.

The development has attracted widespread opposition because Comino is protected as a Natura 2000 site and an Area of High Landscape Sensitivity.

A Planning Authority permit issued for the demolition and redevelopment of the complex was initially upheld by the Environment and Planning Review Tribunal. In May, however, the Court of Appeal annulled the tribunal’s decision and ordered it to reassess the project.

The court intervention followed an appeal by Moviment Graffitti and several environmental organisations, which argued that the development breached planning policies intended to protect Comino from further intensification.

Hili has insisted that the proposed resort will have a smaller footprint than the existing development, accommodate fewer guests and restore areas of disturbed land.

Its increased investment in BOV makes the group one of the bank’s significant private shareholders. The government remains BOV’s largest shareholder, holding just over 27% through the Malta Government Investments vehicle.