Tumas, Midi stop €100 million deal on Manoel Island development

The business empire of Yorgen Fenech, accused of being behind the assassination of journalist Daphne Caruana Galizia, has stopped a €100 million acquisition of Manoel Island from MIDI plc.

The transformation of Manoel Island into a top-end Mediterranean village was expected to change hands this year as Tumas Group planned to buy the majority of shares in the project from Midi plc.

Reports had placed Midi and the Tumas Group deal at around €100 million for the transfer of shares. Tumas Group was expected to take the reins of the project with the acquisition of at least a 60% shareholding of a new company to be set up with Midi as a joint venture.

In a company statement, both groups yesterday said that by mutual agreement, the discussions between the parties on the project had ceased. “MIDI remains fully committed to the Manoel Island project and the developmet works will commence once the required planning permits are issued.

The company will keep the market updated with any developments as they arise in accordance with its regulatory obligations.”

The Manoel Island project, which formed part of a deal signed with the PN government in 2000 and which included the development of both Tigné Point and Manoel Island, has been in the pipeline for almost the past two decades.

Midi had been seeking international partners to finance the massive project, which is expected to cost some €500 million in investment.

According to the 2000 agreement signed between the government and Midi, a change in the shareholding of Midi of more than 40% will first need the green light of the government.

Currently, the majority of shares in Midi Plc are held by Alf Mizzi and Sons, Mapfre MSV Life, Gasan Enterprises, Mark Weingard, Finco Trust and Vassallo Builders.