Midi CEO Luke Coppini is relinquishing his post on August 31, 2017, with no reason given by the company for his departure.

Mr Coppini joined Midi in September 2008 as chief financial officer, after 18 years with the Mizzi Organisation. In September 2012 he was appointed CEO and set about restructuring Midi, bringing down its gearing ratio.

Read: Tigne Point delays cost €10,000 a day

The company made a loss of €2.1 million before tax in 2016, almost double the forecast, after having made a profit of €9.5 million the year before, reflecting the periodic nature of its property sales revenue.

During financial year 2016, Midi reported a significant drop in revenue to €8.67 million – compared to €41.04 million in 2015 – as there were few apartments ready to deliver to respective buyers.

The updated forecast for 2017 is for the losses to increase to €3.9 million, but for the profit in 2018 to be €19.6 million. The company is on the brink of launching the development of Manoel Island.

The Midi board of directors said that they would be initiating a selection process to replace Mr Coppini in the coming days, to ensure a smooth transition.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.