GO is planning to spin-off the company’s shareholding in Malta Properties Company Limited (MPL) through an interim dividend ‘in-kind’ to be distributed pro-rata to the shares held by the shareholders in GO.
It will be holding an extraordinary general meeting on July 22 in connection with a planned reorganisation of its corporate structure including the property subsidiary spin-off.
Through the spin-off, directors are seeking to maximise value for shareholders in relation to the 11 immovable properties valued at approximately €50 million, owned by its subsidiary Malta Properties Company Limited.
There was an immediate positive reaction on the secondary market with GO’s share price moving a further 1.6 per cent higher to yet another eight-year high of €3.25 across 47,628 shares.
RS2 Software edged up marginally by 0.3 per cent to yet another all-time high of €1.74 across seven deals totalling 15,840 shares.
On the other hand, the share price of Bank of Valletta eased minimally lower to €2.28,5 on volumes of 8,696 shares.
Among the large cap equities, Malta International Airport also eased lower with a 0.6 per cent drop back to the €3.34,9 level also on low volumes of 9,450 shares.
The only other negative performing equity was Mapfre Middlesea as it released some of the recent gains with a 2.3 per cent drop back to the €1.81,8 level on an insignificant deal of 260 shares.
Meanwhile, HSBC maintained the €1.82 level on weak volumes of 5,500 shares.
Similarly, the equity of International Hotel Investments held on to the 92c level on a single trade of 15,000 shares.
Likewise, FIMBank shares ended this morning’s session unchanged at the 46c5US level on volumes of 16,663 shares.
On the bond market, the Rizzo Farrugia MGS Index was practically unchanged at 1,119.743 points in line with the trend in the benchmark yields of Spain and Italy.
Meanwhile, the benchmark 10-year German Bund yield slipped marginally lower back to the 0.78 per cent level in view of the looming possibility of a Greek exit from the eurozone as the Mediterranean country and its international creditors so far failed to find common ground to secure a new debt deal.
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