Malta’s largest ever development project, the transformation of Manoel Island into a top-end Mediterranean village, will be changing hands in the coming weeks as Tumas Group will be buying the majority of shares in the project from Midi plc, the Times of Malta is informed.
Sources close to the project told Times of Malta that a preliminary deal has already been struck between Midi and the Tumas Group on the understanding that the latter will pay about a €100 million for the transfer of shares.
Read: Tumas Group may be roped into the Manoel Island project
The sources said that the deal, which has still to be officially announced, will see Tumas Group 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.
The sources said that at this stage, it was not being excluded that Tumas Group will take an even higher stake in the joint venture.
Both the Tumas Group and Midi Plc declined to give comments on the possible agreement, saying that since Midi was listed on the stock exchange any such development will have to be first made through an official public announcement.
The Manoel Island project, which…