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MIDI plc – Promise of Sale Agreements for Commercial Premises

Jonathan Falzon

December 22, 2025

22 December, 2025
3 min read
22 December, 2025
3 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

On 22 December 2025, MIDI plc announced that it entered into promise of sale agreements with Basel Capital Limited, whereby MIDI plc and its fully owned subsidiary T14 Investments Limited promised to sell the temporary utile-dominium for the remaining period of the ninety-nine years that commenced in June 2000 over the eleven commercial premises which underlie the Pjazza Blocks as well as the building known as Unit T3, all situated at Tigné Point, Sliema. The promise of sale agreements are valid up to 30 April 2026.

The consideration for the sale amounts to €10.2 million with the payment to be made on the final deed of sale. The agreement is subject to several conditions which need to be satisfied prior to the final deed of sale.

The company noted that the properties are currently leased out individually to third party tenants except for one which is being used as a sales office by MIDI. The current total annual rental income attributable to the properties amounts to €657,000.

The eleven commercial properties are currently hypothecated as security for repayment of MIDI’s €50 million bond which is due to mature in July 2026. MIDI explained that it intends to use the proceeds from the sale towards the redemption of the bond.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 22 December 2025, MIDI plc announced that it entered into promise of sale agreements with Basel Capital Limited, whereby MIDI plc and its fully owned subsidiary T14 Investments Limited promised to sell the temporary utile-dominium for the remaining period of the ninety-nine years that commenced in June 2000 over the eleven commercial premises which underlie the Pjazza Blocks as well as the building known as Unit T3, all situated at Tigné Point, Sliema. The promise of sale agreements are valid up to 30 April 2026.

The consideration for the sale amounts to €10.2 million with the payment to be made on the final deed of sale. The agreement is subject to several conditions which need to be satisfied prior to the final deed of sale.

The company noted that the properties are currently leased out individually to third party tenants except for one which is being used as a sales office by MIDI. The current total annual rental income attributable to the properties amounts to €657,000.

The eleven commercial properties are currently hypothecated as security for repayment of MIDI’s €50 million bond which is due to mature in July 2026. MIDI explained that it intends to use the proceeds from the sale towards the redemption of the bond.