New MGS issues oversubscribed

Last Tuesday the Malta Stock Exchange published the Analysis of Applications and Allotment for the latest initial public offer issued by the Treasury, namely, the five per cent MGS 2021 and the 5.7 per cent MGS 2012 (III). In all, 3,241 applications were received for a total amount of Lm28,971,700 with respect to five per cent MGS 2021. Lm18,471,700 of the mentioned figure were with respect to applications submitted by individuals at par. These were excepted in full. From the remaining Lm10.5 million which were tender applications, Lm6,528,300 were accepted. With respect to 5.7 per cent MGS 2012 III (issued only by tender), the Treasury received 41 applications for a total of Lm43,933,000. It accepted Lm35 million of the said figure. In both cases, the accountant general exercised the right of the over allotment option for an additional amount of Lm10 million.

Meanwhile in the secondary market, total Malta Government Stock turnover amounted to a nominal value of Lm6,649,800 being traded in 74 deals over 20 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm57,451.

Bank of Valletta shares opened the week at Lm4.89c7, went up to Lm4.90c5 during the week, before going down again to end yesterday's session at Lm4.89c8. Total turnover amounted to 10,780 shares changing hands over 30 deals. As yesterday's session drew to a close, 300 shares at Lm4.84 and 580 shares at Lm4.89c7 were the best unsatisfied bids and offers respectively.

HSBC shares opened the week at Lm4.90 on Monday and closed the week's trading at Lm4.91c9 yesterday. A total of 33,209 shares changed hands over the week, spread over 24 deals. During the week, the price ranged between Lm4.93 and Lm4.90. At the end of yesterday's session, bids for 1,400 shares at Lm4.90 and offers of 400 shares at Lm4.91c9 made up the best unsatisfied closing positions.

Meanwhile Maltacom shares increased a total of 5c5 (four per cent) over the week after opening Monday's session at Lm1.36c5 and closing yesterday's at Lm1.42. Turnover amounted to 7,780 shares changing hands over 10 deals. Best bids for 600 shares at Lm1.37c5 and best offers of 1,000 shares at Lm1.42 remained outstanding when yesterday's session drew to a close.

In a company announcement issued on Tuesday, the board of directors of Malta International Airport plc published the preliminary profit statements for the year which ended on March 31. These showed an operating income figure of Lm16,578,001 (March 2004: Lm14.3 million); operating profit of Lm5,924,817 (March 2004: Lm3.6million) an increase of 66.5 per cent on the previous year's figure; profit on ordinary activities after tax amounting to Lm3,222,154 (March 2004: Lm1.6 million) and earnings per share of 4c76 (March 2004: 2c38). The company also announced that the board of directors will be recommending the payment of a net dividend of 2c2 per share to all shareholders registered as at the close of business on July 5. The board of directors also announced that, shareholders on the company's register on Monday will receive notice of the annual general meeting, to be held on July 4.

The other equities which traded during the week appear below, followed by the range in which trading took place; 15,581 Lombard Bank shares between Lm5.11 and Lm5.09c9; 3,585 Middlesea Insurance shares between Lm3.30 and Lm3.20; 1,194 FIM Bank shares at US$1.21; 13,954 Malta International Airport shares between Lm1.28 and Lm1.14 and 2,000 San Tumas Shareholdings plc at 80c.

The Malta Stock Exchange share index increased by 44.948 points or 1.33 per cent over the week and now stands at 3,423.396.

Azzopardi Investment Management Limited and its directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.