MIDI plc, the company behind the development of Manoel Island in Malta, is pushing back against the government’s plans, claiming they’re damaging its bondholders’ interests. The government wants to transform the island into a national park, and MIDI has agreed to discuss the future of the island, but they’re emphasizing the need to protect their shareholders and bondholders.
MIDI holds the land under a Deed of Emphyteusis and says it’s complying with all legal obligations. The company is open to finding a mutually beneficial solution, but they’re keen to ensure the government’s plans don’t unfairly impact their investors. This development comes amid growing public debate about the island’s future, with many calling for more sustainable and publicly accessible use.
