The Ona Group has announced that its latest bond issue of €5 million 6.5 per cent Unsecured Notes, maturing in 2028, has been fully subscribed.
The group thanked investors for their support.
This is the second bond issue in as many years for The Ona Group, with a €16 million 4.5 per cent Secured Notes issue also fully subscribed. The bonds began trading on the Malta Stock Exchange in August 2022.
The Ona Group is a group of business ventures based in Malta, that represents a number of leading business concerns in the hospitality, development and the marketing and distribution of a vast array of renowned brands.
It is the franchise holder for the AC Marriott brand, which opened its first hotel in Malta earlier this year.
The Ona Group was founded by Cliona Muscat, a seasoned entrepreneur with a wealth of experience in the management of a number of international brands such as Women’s Secret, Springfield, Pedro de Hierro and Cortefiel.
George Muscat, a major developer involved in GAP and Bay Street, sits on the The Ona Group’s board as Non-Executive Director.
The proceeds from the latest bond issue will be used to part finance any of three projects it is currently working on, in Birkirkara, St Paul’s Bay, and Mosta.
The Birkirkara project relates to a 695 sqm site on Guze Orland Street, where the group is building a residential block for eventual resale. The project is due to be completed by mid-2024.
The St Paul’s Bay project involves a 691 sqm plot on Fliegu Street, Imrejkba Street and Konz Street in Qawra, which the group intends to develop into a residential block with a commercial outlet. The block, expected to be finished in the first quarter of 2026, will be resold.
The Mosta project will see the construction of two garages and 12 residential units on a 272 sqm plot on Autumn Street and Glormu Cassar Street, again with the intention of reselling them upon completion around the first quarter of 2025.