Malita Investments plc has announced that works in relation to the Cospicuia and Qrendi Housing Projects will resume immediately. 

This is facilitated by financial support obtained from local and international lending institutions, allowing Malita to complete “a holistic programme of works” and resume the two social housing projects. 

The company said that it has since progressed its financing arrangements and obtained a sanction letter for funding to support the continuation of the Affordable Housing Project, adding that this positions it “to make steady progress towards the completion of the project” and reinforcing their overall stability and long-term viability of operations. 

Malita Investments’ operations comprise of the financing, acquisition, development, management and operation of immovable property, with a particular focus on assets of national and strategic importance.

Malita owns the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP), and holds a temporary emphyteusis over the Parliament Building and Pjazza Teatru Rjal. It has also been put in charge of the Government’s push to build affordable housing, which is the source of its recent troubles. A landmark Luqa project of 267 residential units, initially slated for completion by December 2026, is now only expected to be complete in 2028.

The company has faced resignations and other problems in 2025, declared an operating loss for the year in question and the suspension of works to the affordable housing project, but registered a profit overall.

“As previously communicated to the market, the company experienced liquidity constraints during the period, which led the Board to undertake a strategic review of its position in relation to the Affordable Housing Project and to prioritise the preservation of cash resources,” the company said in its financial filings for 2025.

Notwithstanding the above, the company said it remains dependent on the support obtained from lending institutions, particularly local financial institutions, the European Investment Bank (EIB) and The Council of Europe Development Bank (CEB), in order to resume works.

Among the issues last year, former PL MEP Marlene Mizzi had claimed that she was removed from as chairperson of the company a year earlier after confronting Housing Minister Roderick Galdes over what she said was his “interference in the workings of a plc.”

Malita Investments’ Board had insisted that it has always acted independently and without external influence from any government or ministry, and Minister Galdes had said the board confirmed clearly that it always took its decisions independently.

The company also saw a number of high-level resignations in 2025. Johan Farrugia had resigned as Executive Chairperson, Victor Carachi and Tania Brown resigned as Directors, Amanda Desira resigned as Chief Operations Officer.