MIDI Shareholders Approve €43 Million Deal To Hand Back Manoel Island And Fort Tigné

The decision was taken during an extraordinary general meeting held on Tuesday, with the company confirming that shareholders had considered and approved the transaction.

MIDI said all conditions required for the proposed deal have now been satisfied, with the next step being the signing and publication of the final deed.

The agreement follows parliament’s unanimous approval in March of a package that effectively cancels part of the concession granted to MIDI in 2000.

Under the deal, the government will pay around €43 million in compensation after auditors verified over €75 million in spending by MIDI across Manoel Island and Fort Tigné over the last 25 years.

That figure was later reduced after several claimed expenses were challenged or removed, including interest fees and other costs. Once VAT repayments were deducted, the final amount stood at €42.7 million.

Earlier this month, MIDI warned shareholders that failure to approve the agreement could push the company toward insolvency, particularly with a €50 million bond repayment due in July.

Today’s approval now clears the way for the land to officially be handed back to the public.

The issue became one of Malta’s most prominent civic campaigns in 2025, with activists gathering more than 29,000 signatures demanding Manoel Island be reclaimed as public land.

Prime Minister Robert Abela has since pledged to transform Manoel Island into a public park, while Fort Tigné is also expected to become a public space.

Following the vote, Abela described the development as a dream come true, while Owen Bonnici called it an important step towards returning the sites to Maltese families.