Mediterranean Investments Holding plc (MIH) said its €15 million 7.5 per cent 2015 bond issue was over-subscribed and closed on the first day of offer.

MIH has exercised the over-allotment option of €5 million, thus increasing the total bond issue to €20 million.

The company has received €21.8 million worth of subscriptions and will be refunding €1.8 million in the coming days.

MIH issued this bond offer to finance further expansion projects in Libya and North Africa. Joseph Fenech, director of MIH, said this was the second time in just under a year that the company has issued bonds to finance large-scale developments in Libya.

Both offers were a great success and in both cases, the offer had to be closed on its first day of opening, he added.

"The success registered in Corinthia's five-star Bab Africa Hotel and Commercial Centre and more recently in Palm City Residences, has helped considerably to raise our visibility as highly active and trustworthy players in the construction and development of large-scale projects in Libya and North Africa," said Reuben Xuereb, another director.

Palm City is now nearing completion and the first residents are expected to move to their new location in the first months of 2009. The project is owned and developed by Palm City Ltd, a wholly owned subsidiary company of MIH.

MIH is now looking at three new opportunities for large-scale developments in Libya.