Malita Investments has suspended construction works on the final three sites of its affordable housing programme after negotiations with stakeholders over alternative funding solutions failed to reach an agreement.
In a company announcement released late on Thursday, the company said the temporary suspension affects ongoing works in Qrendi, Cospicua, and Ħal Farruġ (Luqa). Malita stressed that it is exercising its contractual rights to halt activity on these sites while it reassesses the project’s financial path.
These three locations are the final active sites in the firm’s nationwide affordable housing project, which originally comprised 15 sites. Malita noted that twelve sites, amounting to 392 units, have already been completed and handed over to tenants.
The company said it recently concluded a strategic review into how to move forward with the remaining construction works. During this review, Malita explored “various options with relevant stakeholders,” but none of the proposals gained the required acceptance.
With those avenues now closed, the board has decided that the company must turn to its banking partners to secure the funding needed to restart and complete the works.
Malita confirmed it is currently in active discussions with its banks to obtain the necessary financing. The company did not specify how much additional funding is required or provide a projected timeframe for the resumption of works.
It pledged to update the market once material developments occur.
Another resignation
Meanwhile, in a separate statement the company announced the resignation of Albert Cilia as Company Secretary. Desiree Cassar has now been appointed in his place, who also sits on the board of Directors at Lidion Bank.
This comes alongside the appointment of former tax chief Marvin Gaerty, who was brought in to steady the ship at Malita Investments as Chairperson. He replaced Johan Farrugia, who tendered his resignation after a brief tenure which saw him appointed as Chairperson in June 2024, and Executive Chairperson in April 2025.
Dr Farrugia had himself replaced former Labour MEP Marlene Mizzi after another turbulent period that saw the company embroiled in allegations of electoral fraud.
Amid ongoing turmoil at Malita Investments, a growing number of concerned shareholders are voicing urgent questions about the company’s future, governance and financial management.
Last November the company said that any executive resignations “were the result of personal reasons,” and “entirely unconnected to any alleged external intervention,” presumably referring to ex-Chairwoman Marlene Mizzi's removal from the company in May 2024.
Her removal "coincidently happened a few weeks after a meeting at his office, where I stood up to him," she shared to Facebook last week. Ms Mizzi, a former Labour MEP, also accused Minister for Social and Affordable Accommodation Roderick Galdes of “interfering in the work of a plc” and “hobnobbing with contractors engaged by the company.”
Malita plc’s board of Directors emphasised that these developments come amid a backdrop of various “conflicting and unverified reports on the media,” which they say do not represent the full factual picture.
