MIDI announces bond issue

MIDI p.l.c., developers of the Tigne Point and Manoel Island projects, are offering the equivalent of €30,000,000 in seven percent bonds denominated in euro and sterling.

These bonds are of a nominal value of €100 and £100 per bond and mature in 2016 - 2018. They are being issued at par. If the bond issue is over-subscribed, MIDI p.l.c. may issue an additional €10,000,000.

The proceeds of the bond issue will be used mainly to contribute towards finishing the construction of Tigné Point. The Manoel Island and Tigne Point project covers an area of 44 hectares in the heart of one of Malta’s busiest commercial and residential areas. Tigné Point is to include 420 homes, 16,000 sqm of offices, an international-standard retail mall, a 2,500 sqm public square, cafes and restaurants, a clubhouse, sports facilities and a newly-built football pitch to replace the original one operated by Sliema Wanderers. The proposed development at Manoel Island is limited to some 30 per cent of the islet’s surface area and will include low-rise Mediterranean-style residences, a car-free zone, landscaped gardens and a sheltered yacht marina.