Media & Games Invest Fleeing Malta To Sweden

They like Sweden.

Media & Games Invest is moving to Sweden. Why? Because Malta sucks. Last year the Financial Action Task Force, an intergovernmental organization established to combat money laundering and terrorist financing, officially grey-listed Malta. This means the country faces increased scrutiny, prevents certain investor groups from investing in companies headquartered in the country, and also puts companies headquartered in the country on a higher risk list just by association.

As the press release details:

As a result of Malta’s grey-listing by the Financial Action Task Force (FATF) in mid-2021, the Board of Directors and the management of MGI believes that the Company’s registration in Malta may result in an increased risk premium on the Company’s shares. Furthermore, the Company’s Maltese registration may also preclude certain prospective investors from investing in the Company.

The proposition to move from Malta to Sweden will be voted on at the next annual general meeting. If approved, the transformation is expected to be completed by the end of 2022 to go into effect in January 2023. There should be no impact on MGI’s owned businesses including Gamigo. An interview with MGI’s CEO Remco Westermann can be viewed below discussing the situation.

%d bloggers like this: