Mosta are the only First Division side to reach this stage. They beat Third Division side Siggiewi 3-1 and Second Division side Gharghur 4-1 before staging the biggest surprise of the competition, eliminating Sliema Wanderers 2-1.
Floriana, on the other hand, reached the semi-finals after beating Mqabba 2-0, Melita 1-0 and Hamrun Spartans 6-5 on penalties following a 2-2 draw.
Valletta, winners of a similar one-off competition ten years ago – the Centenary Cup, reached this stage after defeating Second Division side Gozo FC 7-0 and First Division side Vittoriosa Stars 3-0, before beating Hibernians 2-0 in the quarter-finals.
The Rainbows, on the other hand, beat Msida St. Joseph 5-0 in the third round, First Division side Balzan Youths 5-1 in the fourth round and Second Division side Lija Athletic 2-0 in the quarter-finals.
Valletta and Tarxien met three times this season. Following two 2-2 draws in the first two rounds, the Citizens registered a comfortable 6-2 win in the third round.
Extra-time will be played if necessary and if the result is still draw at the end of extra-time, penalties shall be taken in accordance with the Laws of the Game.
The final will be played on Tuesday 13th April.