MIDI plc, a development company set up in 1992 in response to an international call by the Government for the redevelopment of Tigné Point and Manoel Island, has announced the amalgamation of two subsidiary companies.

Tigné Point Marketing Limited and Tigné Contracting Limited are to be amalgamated by a merger by acquisition, MIDI announced via a Malta Stock Exchange announcement.

The proposed merger by acquisition shall be preceded by a transfer by MIDI plc of its entire shareholding in Tigné Point Marketing Limited to Tigné Contracting Limited.

Upon the proposed merger by acquisition taking effect, Tigné Contracting Limited, as the acquiring company, shall succeed to all the assets, rights, liabilities and obligations of Tigné Point Marketing Limited, which in turn shall cease to exist.

The proposed merger by acquisition shall not have any effect on the MIDI’s shareholding in Tigné Contracting Limited and the company shall continue to hold the majority of the Ordinary shares in Tigné Contracting Limited.