In a company announcement issued yesterday, the board of directors of Middlesea Insurance published an extraordinary resolution which is to be presented at the forthcoming general meeting. This resolution would authorise Middlesea to acquire a number of its own shares, subject to a maximum of 1,250,000 shares and at the cost of not less than Lm1.20 and not more than Lm3.60 per share. Such authorisation would expire at the end of the next annual general meeting or on September 10, 2004, whichever is earlier.
Trading in Maltacom shares opened the week at Lm0.891 on Monday and went down to Lm0.87 during the course of the week, before reaching the closing price of Lm0.90. Trading was predominantly effected on Monday and Thursday, where the number of shares changing hands during these days was 96,050 and 59,424 respectively. In all, 164,424 shares changed hands over 55 deals over the week. After yesterday's trading session, best bids for 7,160 shares at Lm0.89 stood against best offers of 1,650 shares at Lm0.899.
Little movement was witnessed in Bank of Valletta shares this week, with trading being struck at Lm2.29 and Lm2.30. The latter was the opening and closing price for the week. A total of 12 deals were struck, over which 13,600 shares changed hands. Following yesterday's trading session, 3,800 shares at Lm2.29 and 2,834 shares at Lm2.30 were the best outstanding bids and offers respectively.
HSBC shares opened the week at Lm4.32 and went straight up to close the session at Lm4.40. Tuesday and Wednesday saw the equity trade at Lm4.41, the highest prices for HSBC for the week, with Thursday closing the week at Lm4.40. Total turnover amounted to 25,350 shares, spread over 12 deals. At the close of business yesterday, best bids for 16,800 shares at Lm4.20 remained unsatisfied while best offers of 300 shares at Lm4.40 were still outstanding.
In a company announcement issued on Thursday, the board of directors of Malta International Airport published the financial statements for the year ended March 31, 2003. These show an operating income figure of Lm13,331,132 (year ended March 31, 2002: Lm15,704,191) and profit after tax of Lm13,576,065 (year ended March 31, 2002: Lm1,507,323). The figures for the year ended March 31, 2003 include, among other items, an exceptional income item of Lm16 million. Earnings per share (excluding exceptional items, sale and leaseback transaction and discontinuing operations) were of 2c4 (year ended March 31, 2002: 1c91).
Moreover, the board of directors is proposing the approval of a payment of a net dividend of Lm0.03 per share to all shareholders registered as at the close of business yesterday. Meanwhile, 6,700 shares changed hands during the week in six deals, all struck at Lm0.70.
The other equities which traded during the week were: 3,500 International Hotel Investments shares traded between Lm0.94 and Lm0.945; 1,969 Middle Sea Insurance shares at Lm2.40 and 1,500 Simonds Farsons Cisk shares at Lm0.77.
Trading in corporate bonds was made up of a total value of Lm73,110, while total Malta Government Stock turnover amounted to a nominal value of Lm405,600 being traded in 27 deals over 11 different stocks. Of these, a nominal value of Lm279,600 was traded in the 5.9 per cent MGS 2015 (II) alone.
The Malta Stock Exchange Share Index increased by 6.911 points or 0.36 per cent over the week and now stands at 1,929.323.