Stock Market Review - Mediterranean Investments Holding issuing €15 million bond offer

Mediterranean Investments Holding plc (MIH), a subsidiary of Corinthia Group of Companies, is issuing a new €15 million seven-year bond bearing an interest rate of 7.5 per cent per annum payable annually as from August 4, 2009, to finance further expansion in Libya and North Africa. In the case of over-subscription, the amount of bonds issued could be increased to €20 million.

This is the second time that MIH is approaching the local investment community with an offer to subscribe to €15 million worth of bonds. While offering its first bond issue in November 2007, MIH introduced Palm City Residences - a self-contained, newly built village in Janzur, 15 kilometres west of Tripoli, comprising a mixture of 413 superior residences ranging from studio apartments to four-bedroom fully detached villas and duplex penthouses. That offer was over-subscribed and closed on the opening day.

In the meantime, MIH has continued to source investment opportunities, specifically targeting real estate niche developments, and is again proud to introduce a number of new project proposals in Tripoli and other localities on Libya's Mediterranean shoreline while offering a second €15 million seven-year bond to finance further expansion in the North African region.

"Our growth prospects in Libya and neighbouring North African countries are extremely positive and attractive. Libya is open for business.

"Today, the country offers a more stable economic and political environment that attracts foreign investments and rapid increases in international trade," said MIH board director Joseph Fenech.