MIDI plc to Receive €47.3 Million Following Manoel Island Concession Termination

Following Agreement with the Government MIDI plc has formally terminated its Concession over Manoel Island and Fort Tigné through an agreement signed with the Government of Malta and Transport Malta, resulting in the sites reverting to the State.

The agreement, approved by shareholders in April 2026, will see MIDI receive approximately €47.3 million in compensation, including reimbursable VAT.

MIDI had originally secured a 99-year concession in 2000 for the mixed-use development of Manoel Island and Tigné Point. The company argued that delays linked to permitting procedures, archaeological discoveries, and third-party legal challenges entitled it to automatic extensions of the project completion deadline.

Public pressure to return Manoel Island for public use intensified over recent years, with a petition in favour of transforming the site into a national park gathering around 29,000 signatures. In June 2025, the Government withdrew support for the project and announced plans to convert the island into a national park.

While MIDI maintained that its legal position remained strong, the company stated that pursuing lengthy court proceedings was not commercially viable due to bond obligations maturing in July 2026. The Board described the agreed compensation as insufficient but accepted the settlement given the lack of practical alternatives, adding that the final terms reflected the imbalance in negotiating power between the parties.

VBL plc Reports Strong 2025 Growth

VBL plc reported strong results for the year ended 31 December 2025, describing the period as a milestone year driven by solid growth and continued strategic progress.

Revenue increased by 15 per cent to €4.69 million, while Operational EBITDA surged by 49 per cent to €1.73 million, resulting in an improved EBITDA margin of 37 per cent compared to 29 per cent in 2024.

The group continued advancing its real estate and hospitality projects, with particular focus on the Silver Horse Block Phase 2 development. The 88-room four-star hotel, which will operate under the Ruby Hotels brand, is expected to be completed and handed over in the second half of 2026 and is projected to contribute up to €2.25 million in operational earnings.

VBL also maintained a strong financial position, with conservative leverage levels and liabilities remaining below projections. The company outperformed forecasts across several financial metrics, including investment income, gross profit, EBITDA, and profit before tax.

Gross dividends increased to €220,000, while retained earnings strengthened to nearly €17.9 million, with the group stating it remains well positioned for further long-term growth.

Strong Demand Sees db Group Raise Full €60 Million

db Group confirmed that its €60 million bond programme has been fully subscribed following strong investor demand across all three tranches.

The final two tranches, valued at €20 million and €7 million respectively and carrying a 5.20% interest rate, were fully taken up, resulting in the cancellation of the planned public offer scheduled for 14 May 2026.

The bond programme, approved by the Malta Financial Services Authority in 2025, will be consolidated into a single €60 million unsecured bond maturing in 2031.

Funds raised will primarily be used to refinance loans linked to the St George’s Bay development project, while part of the proceeds will also finance the Xemxija Bay Hotel acquisition and support the Group’s general corporate requirements.

APS Bank plc Approves Record Dividend and Key Strategic Resolutions at AGM

Shareholders of APS Bank plc approved all 13 resolutions during the Bank’s Annual General Meeting, including the declaration of the highest gross final dividend in the Bank’s history of €0.023 per ordinary share.

The approved dividend represents a record gross distribution of €11.4 million, with shareholders being given the option to receive the dividend either in cash or by way of new shares through a scrip dividend arrangement.

The AGM also approved the introduction of a new Employee Share Incentive Plan covering the period 2027 to 2031, together with amendments to the existing 2022–2026 scheme. Shareholders further authorised a share buy-back programme and granted the Board authority to issue up to €150 million in debt securities.

Other resolutions approved included the reappointment of Deloitte Audit Limited as the Bank’s external auditors until the end of the 2027 AGM, as well as the appointment of a number of directors, including Chair Martin Scicluna, Prof. Juanito Camilleri and Marisa Xuereb.

Company Announcements:

HSBC Bank Malta plc

The Board of Directors has approved the distribution of a gross interim dividend of €0.036 per share (net: €0.0234).

The dividend will be payable on 30 June 2026 to shareholders on the register as at the close of trading on Friday, 15 May 2026.

Malta Properties Company plc

The Board of Directors has proposed a final net dividend of €0.015 per share.

Subject to approval at the forthcoming Annual General Meeting scheduled for 18 May 2026, the dividend will be distributed on 19 May 2026 to shareholders on the register as at the close of trading on Wednesday, 15 April 2026.

GO plc

The Directors of GO plc have proposed a final net dividend of €0.09 per share.

Subject to approval at the forthcoming Annual General Meeting scheduled for 19 May 2026, the dividend will be distributed on 2 June 2026 to shareholders on the register as at the close of trading on Wednesday, 15 April 2026.

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