Ansa McAl tight-lipped over withdrawal of bid for Trincity Mall

ANSA McAl Ltd has remained mum on the reason why it had a change of heart in the acquisition of Trincity Mall, one of the properties which was part of the liquidation process of CL Financial which started in 2017.

The company said it is contracted to stay silent on the ongoing process of the sale and acquisition of the property.

“Although we can confirm that Ansa McAl is no longer involved in the current and ongoing process, we remain bound by an NDA and cannot disclose specific details regarding the commercial negotiations,” Ansa McAl said in response to questions sent by Newsday.

Ansa McAl did confirm that while it is not continuing with the process, it is still looking for opportunities to expand.

“Ansa Mc Al holds substantial real estate assets and is continually exploring acquisition and development opportunities both locally and internationally. This focus remains unchanged.”

The report by liquidators Grant Thorton, dated October 16, which detailed the progress of its divestiture strategy, said the preferred bidder, Ansa McAl, withdrew from the sale of the mall. The report did not say when Ansa McAl withdrew its bid.

As a result, brokers, Ernst and Young, started a new bid process with a deadline of September 16. It has since begun reviewing the bids it received.

“The joint liquidators have considered the bids and further due diligence by the prospective purchasers is ongoing with the final binding bids to be provided by November 22,” the report said.

The report noted that one issue with the sale process is that certain lands on which the mall was constructed, are owned by different entities in the group. This means that it would be necessary to consolidate the lands into one single entity to make the sale easier.

“Progress is being made in a collaboration between the companies, the joint liquidators and attorneys working with the Board of Inland Revenue to consolidate the lands.”

During the reading of the 2024/2025 budget in September, Finance Minister Colm Imbert announced plans to divest 49 per cent of the shares in Clico, saying that the shares no longer held strategic importance to the government. He said selling the shares could earn the government significant revenue.