Mediterranean Investments Holding (MIH) announced that the €15 million 7.5% 2015 bond issue was over-subscribed and closed on the first day of offer. MIH has exercised the over-allotment option of €5 million thus increasing the total bond issue to €20 million.
The company has received €21.8 million worth of subscriptions and will be refunding €1.8 million in the coming days.
MIH issued this bond offer to finance further expansion projects in Libya and North Africa.
“The success registered in Corinthia’s five-star Bab Africa Hotel and Commercial Centre, and more recently in Palm City Residences, has helped considerably to raise our visibility as highly active and trustworthy players in the construction and development of large-scale projects in Libya and North Africa” said Reuben Xuereb, director of MIH.
Palm City is now nearing completion and the first residents are expected to move in in the first months of 2009. This project is owned and developed by Palm City Ltd, a wholly-owned subsidiary company of MIH.
MIH is now looking at three new opportunities for large-scale developments in Libya.
A plot of land measuring 13,000 sq m in the heart of Tripoli shall be developed as The Tripoli Commercial and Residential Towers – an address synonymous with high-end office, retail, residential and commercial property for blue chip international corporations and renowned brands.
In Misurata, MIH plans to develop a village on similar lines to that of Palm City residences albeit with extended scope of facilities. The development will include over 420 residential units, a 200 room four-star hotel, a commercial centre providing much sought-after office space, a yacht marina with an adjacent marina crescent offering an array of international cuisine and a school.
The Fawar project is planned to develop a stretch of coastal land measuring two kilometres on the seafront in Tripoli and measuring 550,000 sq m in total. The development will include residential units, a commercial centre, a retail park, hotel accommodation, leisure amenities, warehousing facilities and other developments ancillary to the needs of the locality.