On 4 September, Mediterranean Investments Holding plc issued an announcement to update the market with respect to its investment in Palm City following the political unrest in Libya which began more than six months ago. The Directors explained that MIH remains fully committed to its investments in Tripoli. Throughout the past months, Palm City remained open and in operation regardless of the difficulties encountered although occupancy levels were significantly reduced.
MIH also reported that the Palm City Residence complex has been very adequately secured and as additional employees are starting to report back to work, operations are gearing up in full swing in preparation for the influx of business that is expected to start flowing into Libya in the coming weeks and months. In fact, MIH reported that new clients have also requested to lease units with immediate effect. MIH also revealed that a number of Palm City tenants as well as other multinational corporations have also made contact with the management team indicating that they are prepared to return to Tripoli shortly.