Tum Invest, an off-shoot from Tumas Group that is fully owned by Anthony Fenech has issued €12 million in bonds at 5.2% for 10 years on the Malta Stock Exchange. Tum Invest claimed that the money was to be spread and used across their companies and business activities but up to €3.8 million of the expenditure from the bonds issue remains unaccounted according to their prospectus.
€ 1 million will be used by Tumas Property Developments to pay a loan with Banif Bank, while €943,000 will be used by Tumas Investments to pay a remaining loan with Lombard Bank. €1,956,000 will be used for the Parija Development Project. Around €2 million will be used to buy the Ta’ Natu Commercial property and around €1.8 million will be invested in their company Easysell to refurbish their retail stores.
Anthony (Ninu) Fenech, son of Tumas Fenech and father of Matthew and Silvan Fenech acquired parts of the Tumas Group business around 2015.
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