MIDI To start work on Tigné North blocks this year, permits allowing

Malta Independent Sunday, 5 June 2011, 00:00 Last update: about 16 years ago

MIDI plc will start preparatory work on the Tigné North residential and office blocks, subject to the approval of permits from the Malta Environment and Planning Authority, this year, the MIDI CEO Ben Muscat informed shareholders at this week’s annual general meeting. He added that during 2011, MIDI will continue to hand over a number of apartments and launch a further 22 apartments overlooking Pjazza Tigné.

Wednesday’s well-attended AGM was the company’s first since listing its shares on the Malta Stock Exchange in December 2010, and the shareholders approved all resolutions on the agenda.

Giving an overview of the status of the development emphasising work carried out during 2010 which focused on the completion of a number of phases that were in their final stages, Mr Muscat highlighted The Point shopping mall and Pjazza Tigné, the Sliema Wanderers Sports Complex, which was handed over to the club early this year, the T10 residential block and all the substructures for the Tigné North phases.

The work on the substructures for the remaining phases at Tigné North involved a capital investment of €14 million.

The financial results for 2010 were presented by Chief Financial Officer and Company Secretary Luke Coppini, who stated that the company registered a profit before tax of €1.5 million for the year ended on 31 December 2010. Following the IPO and increase in share capital in 2010, shareholders funds amounted to almost €63 million.

The meeting re-appointed PricewaterhouseCoopers as MIDI’s independent auditors for the year ending 31 December 2011.

The candidates nominated for the post of directors of the company were automatically elected, as the number of nominations was equivalent to the vacant posts.

The new Board of Directors of MIDI plc is composed of Albert Mizzi as chairman and Paul Bonello, David G. Curmi, David DeMarco, Joseph A. Gasan, Jesmond Manicaro, Alec A. Mizzi and Joseph Said as non-executive directors.

In response to concerns expressed by some shareholders on the current impasse in relation to the issue of permanent residency permit to non-EU nationals, chairman Albert Mizzi said the company was working closely with other property developers to resolve the issue with the government without further delay.