On 12 April, Mediterranean Investments Holding plc announced that it has been granted a licence by the Ministry of Finance and Economy in Malta that can also be utilised in other EU member states. The licence specifically allows MIH to continue to transact its business uninterruptedly, both locally and internationally.
In the announcement, MIH also stated that it remains committed to its investments in Libya, principally the Palm City Residences which is still operational albeit with a significantly reduced number of tenants. The Company reiterated that the nature of the leases of Palm City are such that rents are paid in advance and therefore the majority of the units that had been leased up to the end of February are paid in advance for a period of between 3 to 12 months.
In conclusion, the Directors stated that the situation in Libya is still very uncertain. As such, the Company will continue to monitor developments and will issue further announcements to update the market whenever it is deemed necessary.