MIDI plc announced on Tuesday that it will amalgamate with building technology solutions provider Solutions and Infrastructure Services Ltd (SIS) as part of a corporate restructuring exercise.
It will take place by virtue of a merger by acquisition which will see MIDI, as the acquiring company, succeed to all assets, rights, liabilities, and obligations of SIS, which in turn shall cease to exist.
The proposed amalgamation shall be preceded by a transfer to MIDI of the one ordinary, fully paid-up share in SIS’s issued share capital held by MIDI’s subsidiary Tigné Contracting Limited. As a result, at the time of the amalgamation, SIS will be a fully owned subsidiary of MIDI.
MIDI’s Board of Directors remarked that the decision is believed to be in “the best interests” of the company and makes the group’s structure “more effective and efficient”.
Based in Manoel Island, SIS seeks to provide innovative and effective building technology solutions and services, primarily to the Tigné Point and Manoel Island developments. Its services include building automation, fire detection, video surveillance, car park operations, and mechanical and electrical installations.
MIDI was set up in 1992 in response to an international call by the Government for the redevelopment of Tigné Point and Manoel Island. It commenced works on Tigné Point in 2000 and since then, all of the 380 residential units have been sold to a selection of local and international buyers.
