MIDI shareholders officially approve agreement to give back Manoel Island and Tigné

MIDI plc shareholders have officially approved an agreement with the Maltese Government for the partial rescission of the company’s long-standing emphyteutical concession over Manoel Island and Fort Tigné, marking a major step in the future of the two sites.

The decision was taken at an Extraordinary General Meeting held at The Phoenicia in Floriana on Tuesday 28 April 2026. Shareholders voted in favour of an ordinary resolution allowing the company to enter into and complete the deed of partial rescission and authorising its directors to execute all necessary documentation to implement the transaction.

Under the approved agreement, MIDI will receive a total reimbursement of €47.321 million, with net proceeds expected to be around €43 million after VAT adjustments. The deal provides for Manoel Island and Fort Tigné to be removed from the concession, while the Tigné Point development excluding Fort Tigné remains in force.

The approval follows an in-principle agreement previously announced between Government and MIDI, confirming shareholder backing for the transaction’s completion. The company is now expected to proceed with final implementation steps subject to formal ratification procedures.

Prime Minister Robert Abela welcomed the development, saying: “Ħolma oħra għamilniha realtà. Il-ftehim li ressaqna aħna biex inġibu lura Manoel Island u Forti Tigné issa huwa approvat ukoll mix-shareholders tal-MIDI. Inħarsu ’l quddiem li niffirmaw dalwaqt.”

Government has previously stated its intention to transform Manoel Island into Malta’s largest national park following years of public campaigning and environmental advocacy calling for the site’s protection from large-scale development.

#MaltaDaily