Mediterranean Investments Holding plc (MIH), a joint venture between the Corinthia Group and Kuwaiti interests, announced the launch of a bond issue denominated in Maltese liri or euros to part-finance MIH’S principal development of Palm City Residences in Janzour, Libya. The bond issue of LM6,439,500 or EUR15,000,000, which bears a coupon of 7.5 per cent per annum, is repayable in 2014 or earlier at the issuer’s option.

The Palm City Residences project is a 408-unit development located close to the Libyan capital, Tripoli, occupying a 133,824 square metre area on a kilometre-long shorefront. It will provide residents with high standards of quality accommodation though a selection of designer villas, bungalows, terraced houses, maisonettes and apartments built around a central piazza with a complete range of facilities including a supermarket, retail boutique outlets, cafes, medical clinic, a bank as well as a travel agency.

The Palm City Residences project is scheduled to be completed towards the end of 2008. Accommodation units will be principally leased out for medium-term leases, to blue chip companies operating in Libya, to meet their expatriate personnel housing requirements.

Alfred Pisani, MIH chairman, stated that “This is an exciting new phase in the Company’s development and we are very confident that, Maltese investors will directly participate, through the acquisition of Bonds on offer, in the development of this fast-growing country”.

The bond issue is being managed and underwritten by Bank of Valletta plc while Charts Investment Management Service Ltd are acting as Sponsoring Stockbrokers. The bonds are expected to be admitted to the Alternative Companies List of the Malta Stock Exchange.

Copies of the Prospectus and Application Forms will be available at bank branches and authorised intermediaries from tomorrow.