A few people have asked me what I am currently doing with my KMiles, in advance of the relaunch of the Air Malta Frequent Flyer Programme (which, it seems, is scheduled to become Miles&More).
The short answer is that I am hanging onto them, and I recommend that you do too.
While I cannot speak for Air Malta, nor can I guarantee anything, I would say that it is almost certain that a KMile in its new incarnation (probably as an M&M point/mile) will be worth more than it currently is. If Flypass becomes Miles&More, then an M&M point is certainly more valuable than a current KMile.
So I would advise patience, and no redemptions of KMiles until the new programme is in place. I will of course keep you fully updated and provide extensive detail on redemption options under the new programme.