On 25 February Mediterranean Investments Holding plc announced that with respect to the extraordinary developments in Libya and the significant uncertainty that this has created, the Company is fully engaged in monitoring events and obtaining reliable information that would enable it to properly assess the possible impact these may have on its business. MIH explained that despite the current uncertainty and the inevitable limitations these impose, it remains committed to take such measures as may be possible and appropriate in the circumstances in the best interest of the tenants at Palm City, the staff, the Company and its stakeholders.
MIH stated that the Palm City Residences remain operational, albeit with a reduced number of personnel give the temporary relocation of a number of tenants. The Company reassured investors that to date, no contracts have been terminated and it confirmed that the existing 282 signed contracts are still in full effect, most of which are paid for 12 months in advance. However MIH believes that it is premature and unwise to comment further at this stage.
The Palm City Residences were completed at the end of November 2010 with more than 70% of the residential units already leased out and with most of the remaining units already reserved for corporate clients. Lessees include prestigious brands and global conglomerates from construction, hospitality, oil and gas, financial services and infrastructure business segments. Tenants come from various countries, including Norway, Spain, Portugal, Germany, Brazil, Italy, the United States, the UK and Malta.