MIDI has confirmed that it has fully redeemed its €50 million bond following its maturity yesterday.

The company issued the €50 million, 4% secured bond in 2016, when it was oversubscribed by €56 million.

Its bond redemption comes shortly after MIDI signed a deal with the Government to terminate its Manoel Island concession for around €43 million.

The success of this deal was viewed as a crucial factor that allowed the company to redeem bondholders, who had voiced concern that it could end up defaulting on its obligations if the negotiations didn't bear fruit.

Manoel Island had previously been earmarked for development but the Government has pledged to turn it into a public park.

Besides its Manoel Island concession, MIDI also recently sold the T15 Building at Tigné Point to The 540 Hub Ltd for €5.5 million and a number of commercial Tigné properties to Basel Capital Ltd for €10.2 million.

These sales will be valid for the remainder of MIDI’s original 99-year emphyteusis granted by the Maltese Government in June 2000.