Midi plc plans to go to the market with an initial public offering or a bond issue in this quarter to raise funds as it enters the next phase of the €450 million-plus Tignè Point and Manoel Island project, chairman Albert Mizzi told The Times Business.

“We have two alternatives – either an initial public offering or a bond issue,” Mr Mizzi said. “Since it is a long-term project, we are examining both and maintain a balance between one and the other.

“Whichever the option, however, the shareholders are putting in more of their own funds. We also have the option to go to the market with one option first and another later.”

Following the inauguration of The Point, the landmark shopping mall in March, Midi plc, the developer of the most ambitious project undertaken by private enterprise in Malta, is gearing up to begin works on the north side of the Tignè peninsula.

Planning permission is pending for 88 luxury apartments on two seafront blocks – secluded on account of the mall – a second public piazza with adjacent catering and retail offers, and a business centre. Subject to planning approval, Midi plc hopes to re-create a Mediterranean marina village ambience on Manoel Island, with low-rise residential developments consisting of bungalows, villas, maisonettes and apartments. There will be extensive landscaping and a fully-fledged marina able to accommodate superyachts, protected by a breakwater. The nearby yacht yard is to be secluded by a “commercial” strip.

Works on the Manoel Island phase, which should kick off mid-2011, will cost €100 million.

Midi is also discussing the final location and dimensions of the project’s planned hotel with the Malta Environment and Planning Authority.

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