Market consolidatesDuring the week under review, Bank of Valletta shares succumbed to profit taking after trading opened at Lm4.25 on Monday and closed the week's trading at Lm4.15 yesterday. This represents a drop of 2.35 per cent (10c) during the week. In the interim, the price of this equity reached a weekly high of Lm4.30. Total turnover for the week amounted to 187,864 shares spread over 93 deals. Best bids for 1,000 shares at Lm4.14 and best offers of 2,000 shares at Lm4.18 were the best outstanding positions after yesterday's session came to an end.
HSBC shares opened this week's trading at Lm2.38 and during the week ranged between Lm2.30 and the closing price of Lm2.40. This amounted to an increase of 2c during the current week. A total of 186,454 shares changed hands during the week, spread over 202 deals. At the end of yesterday's session, bids for 1,000 shares at Lm2.40 and offers of 5,000 shares at Lm2.45 made up the best unsatisfied closing positions.
Meanwhile, Maltacom shares saw trading open at Lm1.96,9 on Monday, range between Lm1.82,7 and Lm1.97 during the week before coming to close at Lm1.94 yesterday. Weekly turnover amounted to 76,089 shares changing hands over 98 deals. Best bids for 1,030 shares at Lm1.90 and best offers of 1,000 shares at Lm1.94 remained unsatisfied as yesterday's session drew to a close.
On Monday, Maltacom plc announced that it had been informed by the Privatisation Unit that the government had authorised the sale of its 60 per cent shareholding to Emirates International Telecommunications (Malta) Limited, a company which forms part of the same group of companies of Tecom Investments FZ-LLC (Tecom). The agreed price is Lm94.446 million which is equivalent to Lm1.55,4 per share. The share purchase agreement was signed on Wednesday.
Meanwhile, in a company announcement issued yesterday, Maltacom announced that during its annual general meeting held yesterday, shareholders approved all resolutions on the agenda. Furthermore, the following were appointed/elected directors: Saviour Portelli (chairman), Peter J.Baldacchino, Charles Camilleri, John Ellul Vincenti, Vincent Farrugia, Alfred Rizzo, Chris Said and Paul Testaferrata Moroni Viani.
In the afternoon, subsequent to the execution of the share purchase agreement with Emirates International Telecommunications (Malta) Limited, Charles Camilleri, Vincent Farrugia, Alfred Rizzo and Chris Said tendered their resignation as directors. James Kinsella, Osman Sultan, Patricia Cook Geery and Deepak Srinivas Padmanabhan were appointed instead. The company announced that Saviour Portelli has been reconfirmed chairman of the company and board of directors. See also page five.
In a company announcement issued on Monday, Malta International Airport plc announced that its board of directors is scheduled to meet on June 1 to consider and approve the financial results for the year which ended March 31 and to consider the declaration of a dividend to be recommended to the annual general meeting.
In another company announcement issued on Monday, International Hotel Investments plc stated that during its annual general meeting, which is going to be held on Wednesday, the company would be presenting the following resolutions for consideration: to approve the accounts for the year which ended December 31; to increase the aggregate amount of emoluments to directors; to appoint directors; and to appoint the auditors. There will also be two special business ordinary resolutions - on the renewal of the prescribed period during which directors shall be authorised to issue and allot shares in the company up to the prescribed amount and on the waiving of preemption rights for the issue of new shares by the company.
Datatrak holdings plc announced that during the annual general meeting held on May 12, the shareholders approved the profit and loss account and balance sheet for the financial year which ended December 31 and the directors' and auditors' report and the reappointment of KPMG as company auditors. In view of the fact that there were fewer candidates than there are vacancies in the board, the shareholders approved as directors: Walter Bonnici, Patricia Ransley, Joseph Azzopardi, Joseph Spiteri, Saviour Portelli, Francis Galea Salamone, Maurice Mizzi, Pascal Demajo and Anthony Demajo. Mr Portelli and Dr Galea Salamone are the only new directors.
The other equities which traded during the week, followed by the range in which trading took place, are: 2,691 Lombard Bank shares between Lm4.75 and Lm5.10; 343 Middlesea Insurance shares between Lm5.19,9 and Lm5.24,9; 24,991 Simonds Farsons Cisk shares between 75c and 78c; 17,892 International Hotels Investments shares between €0.93 and €0.95; 7,200 Plaza Centres shares between 65c and 66c; 20,015 Malta International Airport shares between Lm1.42,5 and Lm1.48,4; 27,505 Global Financial Services shares between Lm1.91 and Lm2.05 and 2,000 Datatrak Holdings shares between 33c and 34c.
Total Malta Government Stock turnover amounted to a nominal value of Lm2,223,300 being traded in 108 deals over 19 different stocks. Meanwhile, trading over the week in corporate bonds was made up of a total value of Lm44,336.
The Malta Stock Exchange Share Index decreased by 76.96 points or 1.33 per cent over the week and now stands at 5,690.453.
Azzopardi Investment Management Limited is licensed by the MFSA to provide investment services, including stockbroking. The directors or related parties, including the company, and their clients, are likely to have an interest in the securities mentioned. This article is only meant to provide information and is not intended to give investment advice. The value of securities, and the currencies in which they are denominated, may go down as well as up.
Report by Azzopardi Investment Management Limited, tel. 2131 3100, fax. 2131 8897 www.azzopardi.com