MIDI is targeting the conclusion of a contract for the sale of the Tigné Point Car Park by December 2026, with the company expecting to have surplus liquidity once the sale of the car park and its remaining Q3 – Fortress Gardens apartments are concluded with the company continuing winding down in an operational capacity.

In its interim financial statements covering the first six months of 2026, the company said the board will monitor its liquidity position with a view to maximising the remittance of funds to shareholders.

MIDI also expects to deliver the majority of the Q3 – Fortress Gardens apartments by December. The development comprises 63 apartments and two commercial properties, all of which are either sold or subject to a promise of sale agreement.

The company reported a profit after tax of €2.82 million for the six months ended 30th June 2026, compared with a loss of €0.89 million in the same period last year.

During the period, the principal event was the reversion of Manoel Island and Fort Tigné to the Government under a deed of partial rescission dated 13th May 2026. Government paid €47.32 million for the reversion, resulting in a net reimbursable amount of €42.7 million after VAT.

MIDI’s Development and Sale of Property segment generated revenue of €13.4 million during the period, compared with €26,000 a year earlier, and an operating profit of €3.8 million.

The company also concluded the sale of the T15 building for €5.5 million and, following the end of the reporting period, sold 11 commercial units at Pjazza Tigné, the Garrison Chapel and the T3 building for a total of €10.2 million.

The proceeds from these sales, together with the Government funds, were used to redeem MIDI’s €50 million bond, which matured on 27th July 2026.

MIDI’s consolidated assets fell from €209.7 million at the end of 2025 to €178.1 million at 30th June 2026, while net asset value increased from €51.5 million to €54.3 million.

Once the Q3 apartments and Tigné Point Car Park are sold, MIDI said it will continue operating mainly through its investment in Mid Knight Holdings and other commercial properties at Tigné Point. The group said it will align its workforce and other operational expenditure with its reduced business activities.