Mediterranean Investments Holding (MIH) has lowered the value of its Palm City development in Libya by nearly 20 percent.
In a statement on the Malta Stock Exchange, the directors made reference to an appraisal report submitted by PricewaterhouseCoopers for 2013, which valued the Palm City property at €315 million, against a reported value of €310 million.
But they added that, in view of the current circumstances, they have "prudently opted to reduce the value of the investment property by €60.87 million on the reported value the year before. Accordingly, a corresponding reduction in value has been charged to the income statement in consequence of a considerable increase in the discount rate."
(Source: Borza Malta)
