IHI proposes capital restructuring

International Hotel Investments plc announced yesterday that in an extraordinary general meeting to be held on December 9, the following resolutions will be presented for consideration: (1) to convert the share capital of the company to euros and consequently change the nominal value of the shares from €2.48 to €1 per share; (2) to increase the share capital of the company; (3) to give the directors the power to issue and allot shares up to a nominal value of €1.5 million for a period of 12 months from the date of the resolution, at a price not below the nominal value and without first offering same to existing shareholders, and (4) to regulate the appointment of the chairman of the board of directors.

Three deals were struck in HSBC Bank Malta shares this week, one at Lm5.44, one at Lm5.45 and the closing deal at Lm5.42, bringing the equity's closing price back to the previous week's level. A total of 2,800 shares changed hands over the week. As yesterday's session drew to a close 435 shares at Lm5.42 and 170 shares at Lm5.45 were the best outstanding bids and offers respectively.

Bank of Valletta closed this week's trading on Thursday at Lm2.65, unchanged from the previous week's reading. Trading opened on Monday at Lm2.645 and ranged between Lm2.63 and Lm2.66. Twenty deals were struck during the week, over which 110,269 shares changed hands. Following the close of business yesterday, 800 shares at Lm2.632 were the best outstanding bids, while 13,526 shares at Lm2.65 were the best offers still unsatisfied.

Maltacom plc was the only big cap to close the week on a positive, albeit slightly so, note. Yesterday's session saw the equity close the week at Lm1.06, up by 1c on the previous week's closing price. Trading during the week ranged between Lm1.035 and Lm1.06. Weekly turnover consisted of 10 deals being struck over which 8,700 shares changed hands. After yesterday's session ended, best bids for 565 shares at Lm1.035 and best offers of 1,100 shares at Lm1.059 remained unsatisfied.

In a company announcement issued on Tuesday, the board of directors of Malta International Airport plc published the interim unaudited financial statements for the six months ended September 30. These show an operating income figure of Lm8,642,452 (six months ended September 30, 2002: Lm7,941,278), profit on core operations for the period of Lm1,684,685 (six months ended September 30, 2002: Lm1,715,422) and earnings per share (excluding the gain on sale of terminal land and discontinued operations) of 12c45 (six months ended September 30, 2002: 12c87). The company also announced the payment of a net interim dividend of Lm947,100, representing a net dividend per share of Lm0.014. Shareholders on the Register of Members on November 21, 2003 are eligible for the dividend.

In a company announcement issued on Tuesday, Simonds Farsons Cisk plc announced that it has signed an agreement with Guido Vella for the acquisition of Guido Vella Cash and Carry as a going concern.

The other equities which traded during the week appear below, followed by the range in which trading took place: 6,400 Malta International Airport shares between Lm0.68 and Lm0.70; 1,080 International Hotels Investments shares between Lm0.84 and Lm0.849; 29,600 Plaza Centres shares at Lm0.598 and Lm0.60 and 100 Global Financial Services Group shares at Lm1.05.

Total Malta Government Stock turnover amounted to a nominal value of Lm6,652,000 being traded in 116 deals over 24 different stocks. Three different stocks were characterised by heavy trading: a nominal value of Lm1,320,700 changed hands in the 6.1 per cent MGS 2015; Lm1,676,500 in the 6.25 per cent MGS 2011 (II) and Lm1,800,000 in the 7.8 per cent MGS 2018. Trading over the week in Corporate Bonds was made up of a total value of Lm385,269.

The Malta Stock Exchange share index decreased by 0.168 points or 0.008 per cent over the week and now stands at 2,160.23.