International Hotel Investments shareholders today approved the proposed acquisition of Island Hotels Group Holdings for €50 million payable in a mix of cash and new IHI shares during the annual general meeting.
They also approved all the other items on the agenda.
The chairman announced that they are in discussions with the MFSA in connection with offering alternative financial instruments to the company’s free-float shareholders.
At the Stock Exchange, the share price of IHI edged 1.1 per cent higher to recapture the 89c level across seven trades totalling 80,465 shares.
IHI's advancement helped the share index trend in positive territory for the 11th time in the last 12 sessions with a further 0.1 per cent increase to yet another seven-year high of 4,027.053 points.
GO and Mapfre Middlesea reached new multi-year highs.
GO gained 0.6 per cent to a new seven-year high of €3.14 across four trades totalling 13,700 shares.
Likewise, Mapfre Middlesea closed at a fresh six-year high of €1.86 representing a 0.5 per cent increase from the previous closing price albeit on shallow volumes of 4,300 shares.
Bank of Valletta edged 0.2 per cent higher to the €2.29 level across fifteen deals totalling 23,457 shares.
On the other hand, the share price of HSBC Bank Malta plc eased 0.5 per cent lower back to the €1.83 level on shallow volumes of 1,112 shares.
Malta International Airport shed 0.3 per cent back to the €3.36 level across a single trade of 1,000 shares.
The only other active equity was RS2 Software plc with a 0.6 per cent drop back to the €3.40 level across four trades totalling 12,260 shares.
Earlier this week, RS2 held its annual general meeting during which shareholders approved all the items on the agenda including the final net dividend of 4c4 per share and the two-for-one share split. The share split is effective next Tuesday including trades up to close of business tomorrow. Meanwhile, the dividend will be paid on Monday.
In a circular sent to all shareholders this week in connection with the upcoming annual general meeting, Grand Harbour Marina announced that it will be seeking approval from shareholders to effect a re-nominalisation of the shares from a nominal value of 23c2937 per shares to 24c per share and subsequently perform a two-for-one share split.
On the bond market, the Rizzo Farrugia MGS Index registered its eight consecutive daily decline with a further 0.2 per cent drop to 1,126.382 points as the benchmark 10-year Eurozone yields remained above the one per cent level during this morning’s trading. However, by this afternoon, yields slipped back to the 0.9 per cent level after successful bond auctions by Spain and Ireland.
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