Highlights from the 3rd Annual General Meeting
AX Real Estate plc is pleased to share highlights from our 3rd Annual General Meeting, held on April 23rd, 2024, at the Hilltop Gardens in Naxxar.
The meeting commenced with an address from our Group Chairman, Mr. Angelo Xuereb, who provided comprehensive updates on significant developments. These included the much-anticipated unveiling of the NEW AX ODYCY and Lido, alongside progress reports on the Verdala Wellness Hotel project, showcasing the meticulous attention to detail in both architectural and operational aspects. Subsequently, our CEO Ms. Denise Xuereb, presented a strategic overview of AX Real Estate Group’s operations, underlining our commitment to excellence and our strategic direction for sustainable growth.
Following Ms. Xuereb’s presentation, our CFO, Mr. Joseph Borg, dissected the financial performance for the Financial year ending October 2023. An Election of Directors took place, resulting in the appointment of Ms. Claire Zammit Xuereb as a new director, along with the reconfirmation of Mr. Stephen Parsi and Dr. Christian Farrugia to our board.
We extend our sincere gratitude to all attendees for their engagement and contribution to the success of our AGM. As we move forward, we remain steadfast in our commitment to delivering value to our shareholders and stakeholders alike.
Former Suncrest Rebranded To AX ODYCY Hotel
We are pleased to announce the online launch to the local and international market of AX ODYCY Hotel at the site of the former Seashells Resort at Suncrest in Qawra. The former Suncrest has undergone extensive redevelopment and refurbishment, now with an additional four storeys that make it one of the largest hotels on the island, with a total of 600 hotel rooms. These range from economy options to luxurious, unique suites. The destination is also set to be a hub for a diverse range of culinary experiences with its expected 11 innovative restaurants and bar concepts, along with the many other features and facilities this destination will contain.
“This last final finishing stage is the most exciting yet, as we really see the culmination of work that the entire team has contributed over the past two years. We look forward to showcasing the quality and value of ODYCY as we welcome our first guests and groups from the world over. This is what will put Qawra firmly back on the map,” says Denise Xuereb, Director of Construction and Development.
Click here to find out more about this exciting project.
The New AX Investor Relations Website is Now Live!
We’re proud to announce the launch of our new AX Investor Relations website! The site has been purposefully designed with the scope of keeping our investors regularly updated about AX Group plc, AX Real Estate plc, and AX Investments plc, with transparency. We’re now offering an easy-to-navigate, solution that covers a wide range of investor-focused information.
Aside from a centralised repository of official AX financial information as well as a regularly updated News section covering the latest announcements from our ongoing developments and projects, we’ve also created Investors Loyalty Scheme tab, where investors can keep up to date with the various benefits eligible through our loyalty programme, including exclusive members-only rates at our wide range of hotels and restaurants.
Visit the new website today: www.axinvestor-relations.mt
Company Statement
Reference is made to the article on “theshiftnews.com” entitled “Rebranded Projects Malta to pay €1 million to lease offices from AX Group”.
I Regarding the lease of offices at the AX Business Centre in favour of Malta Strategic Partnerships Ltd., the Company wishes to bring the following facts to the attention of your readers:
(i) That the lease with Malta Strategic Partnerships Limited was signed as per tender document, following a competitive process, where the company’s offer was considered to be the lowest bid qualifying in accordance with pre-set objective criteria.
(ii) Having an initial fixed term is customary in the commercial lease market, and in this case, major investment in the premises is essential to custom-fit to the requirements of the lessee. This was also a condition of tender.
(iii) The property leased is indeed new, with a rent that does not exceed market rates.
II On the general comments contained in the article on government contracts awarded to the AX Group, specifically AX Construction Ltd, it is to be clarified that the AX Group has been a major operator in the construction and restoration sector for nearly 40 years. It has invested heavily and progressively in acquiring the expertise required for the projects mentioned, which are mostly specialized and of great sensitivity. The quality of the work carried out by AX Construction Ltd is testimony to the company’s deserved standing in the industry. This standing has also been reflected in the fact that AX Construction Ltd is also the recipient of major contracts within the private sector, where the company’s industry-leading expertise and quality has seen it trusted by major local entities.
III Finally, we wish to bring to the attention of your readers that no request for comment was submitted to the AX Group prior to the publication of the piece and the tenuous insinuations contained.
AX Real Estate p.l.c. celebrates bond listing with MSE ‘Ringing of the Bell’ event
A ringing of the bell event was held at the Malta Stock Exchange on Tuesday 29 March to celebrate the successful bond and shares listing of AX Real Estate plc with the Malta Stock Exchange (MSE).
On Tuesday 15 February, AX Real Estate plc listed 97,193,600 Eur0.125 Ordinary A shares and trading commenced on Wednesday 16 February. AX Real Estate plc also issued 3.5% Unsecured Bonds with a nominal value of Eur40,000,0000 on Tuesday 15 February, and trading commenced on Wednesday 16 February.
MSE Chairman Mr Joseph Portelli welcomed AX Group founder and Chairman Mr Angelo Xuereb and congratulated the company of their successful listings and noted that the MSE is pleased to see entrepreneurs raise funds for projects through the capital market. Mr Xuereb said that AX Group currently has five listings and since the first listing 25 years ago, he has realised the value of the capital markets not just for raising capital but also with respect to succession planning, which ensures continuity and growth.
Denise Micallef Xuereb, CEO of AX Real Estate said, ‘‘The purpose of the listing was to finance the significant investment in the Verdala Hotel and Virtu Heights project in Rabat, together with the Suncrest hotel extension in Qawra. The finance that is being raised through the listing is part of the estimated EUR 110 M required to complete these mentioned projects, both of which are currently progressing well and on schedule. We remain committed to building on AX Group’s track record and elevating this success further to ensure good long-term property investment opportunities.’’
Mr Michael Warrington said that ‘’Decades ago, AX Group set out a path for its real estate operations with two firm goals: firstly, to consistently advance quality standards in the properties it develops and manages; and secondly, to give its investors and clients long-term peace of mind through sound property investment opportunities and long-term growth. Today, having consolidated the Group’s well-diversified portfolio of managed local properties under AX Real Estate p.l.c. we are an industry leader’’.
Mr Xuereb expressed gratitude to the members of the Board for their continued support, to the Malta Stock Exchange team and the sponsors namely, Rizzo Farrugia, MZ Investments and Curmi & Partners, to Bank of Valletta as Manager and Registrar, and Camilleri Preziosi who acted as Legal Counsel, all of whom helped make the listings a success.
From left, Mr Joseph Lupi, Mr Albert Bonello, Ms Denise Micallef Xuereb, Mr Angelo Xuereb, Mr Michael Warrington, Mr Stephen Paris
Mr Angelo Xuereb – Chairman AX Group
From left, Ms Donatella Barbara, Mr Vincent Rizzo, Mr Albert Bonello, Mr Stephen Paris, Mr Michael Warrington, Ms Doreanne Caruana, Mr Angelo Xuereb, Ms Denise Micallef Xuereb, Mr Joseph Lupi, Dr Louisa Firman, Mr Karl Micallef
Interview with: Michael Warrington CEO AX Group and Director of AXRE
Featured on BusinessToday
In an interview with Saviour Balzan, Michael Warrington, director of AX Real Estate and CEO of AX Group, described the history of AX, the extensive experience in construction, development, health care, renewable energy, real estate and hospitality, as well as innovative projects, including well-known touristic projects and developments for high-end, as well as for mass tourism.
Reminiscing on the first major project, Suncrest Hotel, in Qawra, Michael Warrington described the evolution of the group, from one headed by entrepreneur and visionary Angelo Xuereb to his family. His two daughters, Claire Zammit Xuereb and Denise Micallef Xuereb are now at the head of the group of companies, which employ more than 800 people.
Mr Warrington went on to describe the success of the major project in Naxxar, Hilltop Village, the perfect combination between a retirement village for elderly people and a care-home and the success it offered to the group, as well as to investors, who had bought into bonds for the project.
When speaking of the vision of the future, Mr Warrington namely spoke of the extension of the Suncrest Hotel, with another additional four floors, as well as a major refurbishment, and the development of the Grand Hotel Verdala. The aim of the Verdala development is to cater for high-end users and clients, who will benefit from the unique development, excellent design, panoramic views and ideal setting of the project.
Mr Warrington said that the Group was offering a new investment opportunity combining equity and bonds. The bonds will have a coupon of 3.5%. People investing in the equity will be able to purchase the bonds.
The interview came to a close with Mr Warrington describing the long history of the group, which spans over nearly five decades, examples of which can be seen all across the island. The group has withstood the competitive edge of various other companies and also the changing times.