The Company hereby announces that it has entered into a non-binding memorandum of understanding with AC Enterprises Limited to explore the possibility of establishing a joint venture with respect to the development of Manoel Island. AC Enterprises Limited (C49755) is owned by Mr. Anton Camilleri and his family who have an established track record in the development of residential and commercial properties.
Discussions are ongoing and may or may not result in a transaction. Any eventual agreement will be subject to the Company’s contractual obligations and any necessary regulatory and shareholder approvals in terms of law.
Throughout the process, the Company will communicate material updates, if any, in accordance with regulatory requirements.