MeetInc.
MIDI plc has confirmed it is open to discussions with the government over the future of Manoel Island, indicating it was willing to find an agreement that reflects the current national priorities.
In a company announcement on Sunday MIDI said it remains fully compliant with its obligations under the current Deed of Emphyteusis while acknowledging the government’s recently stated desire to transform Manoel Island into a national park.
“MIDI recognises that Government has underscored its desire to convert Manoel Island into a national park. 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,” read the announcement
It added that it “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 announcement came shortly after Prime Minister Robert Abela reiterated, during an interview on ONE News, that he was looking into “doing whatever is possible” for Manoel Island to be converted into a park.
At the same time, Abela emphasised that the rights of small shareholders—many of them pensioners who invested their savings into the project—must be safeguarded. He said he had met with representatives of petitioners advocating for public ownership, as well as with associations representing shareholders and bondholders.
Abela criticised the original concession agreement granted in 2000 by a Nationalist administration, which also covered the Tigné Point development. He described it as heavily skewed in favour of private developers and questioned whether the land was effectively given away for “peanuts.”
“Everyone knows the damage that was done to the environment in Tigné Point,” Abela said. “I don’t want to use taxpayer money to compensate speculators who already took enough from Tigné Point.”
Still, he stressed that fairness toward ordinary people who invested in good faith must remain a priority. “I believe in this cause,” the prime minister said.
MIDI said it would keep the market informed of any material developments in a timely and transparent manner.
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