JUEL Group P.L.C. is the holding and finance company of the Group and was incorporated in January 2022 for the purpose of financing its Subsidiaries’ respective projects, as and when the case requires. JUEL Group P.L.C. does not carry out any trading activities of its own and its revenue is limited to the dividends it shall receive from its Subsidiaries and affiliate companies and principal and interest due under intra-group loan agreements.

JUEL Group P.L.C. acquired the entire issued share capital of its four subsidiaries – JUEL Hospitality Ltd, JUEL Holdings Ltd, Muscat Holdings Ltd and Muscat Holdings (II) Ltd on 22 December 2022, through a share for share exchange process which enabled the Group’s majority shareholder, Adrian Muscat, to consolidate the operations of the Guarantors through a holding structure. On 14 April 2023, the Issuer acquired 33.33% of the entire issued share capital of GAP Group Investments (II) Ltd. GAP Group Investments (II) Ltd is the 99.99% shareholder of the GAP Group, a group of companies which operates in the property development sector.