New investors set to take a 49 per cent stake in Mediterranean Maritime Hub (MMH) are expected to provide the funds necessary for the company to redeem a €15 million bond issue set to mature in October 2026.

In its latest financial statements, released on Thursday (today) after considerable delay, the company admitted that there remains “significant uncertainty” about MMH Group’s ability to continue as a going concern.

The uncertainty relates to the ability of the current shareholders of MMH to reach a definitive agreement with the new investors, and whether local authorities agree with the introduction of new investors.

The new investors are reportedly Malta Fish Farms Ltd owner Salvu Ellul and MJK Crane Hire and Logistics.

Sources close to the transaction tell WhosWho.mt that the new investors have put up €1 million in escrow, indicating that negotiations are at a very advanced stage – news that will be welcomed by concerned bondholders.

In its results for the first half of 2025, MMH recorded a profit of €1,051, a decrease from €7,453 in the same period last year. The company’s net assets stood at €546,943, slightly up from €545,892 as of December 2024.

So far, MMH has avoided what could have been Malta’s first major bond default.

The company holds a 65-year lease over the former Marsa Shipbuilding site, granted by the Maltese Government in 2016. Since early 2023, it has been seeking strategic investors, including a deal with Virtu Holdings that ultimately fell through.

After admitting the need for alternative financing, MMH also explored negotiating a “balanced” termination of its concession with the government, but talks were unsuccessful. This had raised fears that bondholders might not be repaid. 

Those fears may have eased somewhat in light of the new “concrete offer” from third-party local investors to join the existing shareholders in investing in MMH Group.