The Income and Capital Guaranteed Gainer 2007, launched last February, has been approved for listing on the Malta Stock Exchange.

The ICGG was issued by SG Societé Generale Acceptance NV as part of the €32 billion Medium Term Note Programme, following the success of the launch of a similar product in June last year.

Both products are guaranteed by Societé Generale, the leading French banking institution, and are promoted in Malta by Globe Financial Management Ltd, part of the Global Financial Services Group.

Nicholas Portelli, Global Group head of product development, says that interest in the ICGG "has surpassed all expectations.

"Investors are looking for a certain degree of stability, given the recent history of the investments market, and the Income and Capital Guaranteed Gainer 2007 seems to have fit the bill," he said.

The listing of the ICGG on the Malta Stock Exchange will make it exempt from liability to capital gains tax, and eligible for the deduction of 15% withholding tax.

The investment is denominated in sterling and matures in February 2007. "It provides a balanced mix of income and capital growth and the original capital is guaranteed if the investment is maintained until maturity," Mr Portelli said.

"Income is paid on half the invested capital, and the other half gives the investor the opportunity to earn greater returns by participating in the price movements of 15 selected international blue chip companies, including Abbey National, Lloyds TSB, UBS, Volvo, Unilever, and Nestlé."

Starting from the second year of investment, income is paid on half the capital invested at a guaranteed fixed rate of 3%, increasing to 5% in the third year, and reaching 7% in the final years.

"The novel aspect of the investment is that, irrespective of whether the prices of the 15 shares go up or down, the investor can still gain," Mr Portelli said. "This means that, on maturity, the capital is fully repaid together with 100% of the performance, positive or negative, of the share registering the lowest change."

Although the offer period has closed, both products are available on the secondary market provided by Societé Generale, through GFM.

There is further information in the offering circular dated July 2, 2002, together with the supplementary offering circular dated December 27, 2002, copies of which may be obtained from authorised intermediaries.