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The MIDI Consortium is looking for new investors for its Lm140 million Tigne Point and Manoel Island development project, The Malta Financial and Business Times has learnt.
Sources close to the consortium say MIDI is aiming to inject new capital and is looking for other sources of investment.
This newspaper is informed that, over and above financing derived from the local market to date, the consortium is in discussions with other potential investors including a foreign bank.
A consortium spokesman would not divulge what he said was “commercially sensitive” information when asked by The Malta Financial and Business Times whether MIDI intended launching a bond issue.
With the completion date set at 2010 for the Manoel Island project and the Tigne Point nearing its completion, the consortium has embarked on the largest development on the Islands in 2000 with mammoth restoration and reconstruction plans.
Tigne Point will provide a mix of residential units, entertainment and leisure facilities, while Manoel Island will be more residential in focus with some 500 apartments, a commercial development and an exclusive marina.
MIDI plc was formed in 1992 in response to a request for proposals issued by the government for the development of Manoel Island and Tigne Point. Its shareholders are Devilhena Ltd, Gatt Investments, Gee Five, Fortress Developments, Middle Sea Valletta Life Assurance, Alf Mizzi and Sons, Pater Holding Company Ltd, Pininfarina Extra SRL, Polidano Brothers, Bank of Valletta and Vassallo Builders.
Two years ago, the consortium had a sales boom as the first group of over 160 apartments were sold off plan.
MIDI Chairman Bertu Mizzi had not ruled out the option of a bond issue to finance the project.
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