Negotiations between MIDI plc and Anton Camilleri (Tal-Franċiż)’s AC Enterprises Limited over a potential joint venture for the Manoel Island development are ongoing, but no agreement has been finalised, the company has confirmed.
In replies to questions from WhosWho.mt, a MIDI spokesperson stated that the company signed a non-binding memorandum of understanding (MoU) with AC Enterprises “to explore the possibility of establishing a joint venture” for the project.
“No transaction has been finalised,” the spokesperson said, adding that any final agreement “will be communicated to shareholders for approval in accordance with regulatory requirements.”
MIDI also denied reports or speculation that a promise of sale agreement exists with AC Enterprises. Asked whether such a promise of sale was conditional on the issuance of a full development permit, the spokesperson replied: “No promise of sale exists.”
The company further denied that a potential deal would involve the sale of 60 per cent of MIDI’s shares for €100 million – a figure previously associated with a failed 2019 joint venture proposal with Tumas Group. It also ruled out that any transaction involving newly issued shares from the authorised share capital is being considered.
Asked whether MIDI is aware of any promise of sale agreements involving one or more of its current major shareholders and AC Enterprises or its affiliates, the company responded: “No such promise of sale agreements exist.”
However, AC Enterprises declined to comment on whether it has signed any promise of sale agreements with existing MIDI shareholders.
MIDI, which was established in 1992 in response to a Government of Malta call for the redevelopment of Tigné Point and Manoel Island, had submitted a full planning application for the Manoel Island development following the approval of a revised Masterplan outline permit.
According to the company’s website, the design has been refined over time and the full development application remains grounded in the principles set out in the outline permit.
The proposed development includes plans for three residential clusters comprising 323 units, located in the southern and central parts of the island.
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Nicole Zammit
When she’s not writing articles at work or poetry at home, you’ll find her taking long walks in the countryside, pumping iron at the gym, caring for her farm animals, or spending quality time with family and friends. In short, she’s always on the go, drawing inspiration from the little things around her, and constantly striving to make the ordinary extraordinary.
