Midi Chairman Albert Mizzi said today that although Charles Polidano, Zaren Vassallo and Maurice Mizzi had stepped down from the company’s board, they would remain important shareholders.

Speaking at the launch of a share issue by the company, which is developing Tigne’ Point and Manoel Island, Mr Mizzi said the three had stepped down only because it had been decided that the board would be reduced to eight members from the current 11, to make it more effective and efficient.

The three, he said, would be increasing their shareholding,

Mr Mizzi said that Midi would issue 44.4 million ordinary shares with an over-allotment option of a further 22.2 million to the public and a further 22 million shares to existing shareholders.

The share issue will enable Midi to raise €20 million from the public and €10 million from the current share holders.

The funds will strengthen the company’s base ahead of the final part of the project, which includes the building, at Tigne, of a business centre, another two apartment blocks, another piazza, and a 23-storey tower which will feature the project's most exclusive apartments.

At Manoel Island, the company will build a low-rise ‘Mediterranean Marina Village’ with an underground car park for 2,000 cars, a marina with 300 yacht berths and 30 berths for superyachts, an extensive public park, restaurants and entertainment and sports facilities. Most of Manoel Island, Mr Mizzi said, would remain accessible to the public.

He said that the company invested €265 million in the past 10 years and it plans to invest a further €335 million.

€30 million will be spent on the restoration of Fort Manoel, Lazzaretto and Fort Tigne'.

CEO Ben Muscat said that this year Midi sold 27 apartments at a total value of €17.75 million and signed promise of sale agreements for another 14. Sales,he said, were doing well despite the international recession.

Of 259 apartments put on the market so far, 251 have been sold.