MIDI has announced it is committed to finding a solution that could return Manoel Island to government hands, in a major boost for activists campaigning for it to be transformed into a national park.
In a statement to the stock market late on Sunday night, the company with the concession to develop the island indicated it was ready to negotiate following government's "recent public statements" on the project.
"MIDI recognises that government has underscored its desire to convert Manoel Island into a national park," it said.
"In light of this shift in government’s policy direction, the company is open to reaching an agreement that reflects current national priorities which are clearly different from those prevailing when the concession was granted.
"MIDI is committed to continue to act in good faith to find a solution in order to implement government’s stated objective for Manoel Island to revert to government."

The statement comes hours after Robert Abela said he was ready to fight for Manoel Island to be turned into a national park. He indicated that the government was gearing up to file a judicial challenge against MIDI plc.
The MIDI consortium was granted a 99-year concession in 2000 to develop luxury apartments on both Manoel Island and Tigné Point.
Last month, 29,000 people signed a petition calling for Manoel Island's transformation into a public park.
However MIDI's initial reaction to the petition was to say it would forge ahead with its plans and insisted it had a “right and an obligation” to develop in line with the area’s master plan.
'We can change our country'
In a statement, activists behind the Manoel Island: Post Għalina campaign, celebrated MIDI's apparent change of heart on Sunday.
Flimkien Għal Ambjent Aħjar (FAA) said the announcement from MIDI was the culmination of years of dogged campaigning by FAA and grassroots citizens, ultimately brought home by the combined efforts of Moviment Graffitti and the support of over 40 NGOs.
"This development shows that when there is unity, a mass who believed in the cause, stood up to be counted, and voiced their opinion, we can change our country for the better," it said.
FAA and Moviment Graffitti said they hoped that everyone across the political spectrum will now work together to get the best possible outcome for all parties, "but most of all for the public good".
Activists had insisted that the concession agreement should be ripped up due to contractual breaches by MIDI.
The contract states that works must be “substantially complete” by March 2026. Activists argued this is impossible and, therefore, the government has the necessary leverage to negotiate a more favourable deal for the public.
MIDI argued that delays beyond their control due to archaeological findings and permit approval processes entitle them to a contract extension.
It repeated that argument in its statement on Sunday but acknowledged it was ready to negotiate.
"While MIDI asserts that it remains fully compliant with its obligations under the existing Deed of Emphyteusis, the company nonetheless confirms that it is prepared to engage in constructive discussions with the government, guided by a commitment to protect public interest and the company’s shareholders and bondholders," it said.
Initially both the government and opposition insisted that the contract signed with developers MIDI must be respected.
However dissenting voices in both parties emerged, with several MPs admitting they had signed the petition and believed the time was ripe for the project to be reconsidered.
This week, Abela told journalists the government was analysing the contract for any possible breaches and opposition leader Bernard Grech said his party was willing to do “everything possible” to turn Manoel Island into a national park.