In a company announcement issued on Thursday afternoon, the board of directors of Maltacom plc stated that the Government of Malta intends to sell its majority shareholding in the company. No further details were given about the matter and therefore the market is waiting for further news and clarification.
However, even in the absence of information as to whom the government intends to sell the shares (whether to the public, a strategic shareholder, or a mix of both), the share price reacted strongly to this announcement when, during yesterday's session, 51,764 shares changed hands at a price of Lm1.572 being the top of the allowed trade range for the day, bringing total weekly turnover in MLC shares to 115,332.
Seventy-four deals were executed during the week ranging between Lm1.572 and Lm1.395. Following close of business yesterday best bids for 46,786 shares at Lm1.572 and best offers for 2,600 at Lm1.67 remained outstanding.
In another company announcement issued yesterday, the board of directors of Maltacom plc duly convened the unanimous approval to increase its shareholding in its subsidiary company Innovate Software Ltd (which is responsible for all IT service provision within Maltacom), by a further 444,362 shares of a nominal value of Lm1 each.
Bank of Valletta shares witnessed an increase of 10c during the week after Monday's trading session opened at Lm3.15, while yesterday's session closed at Lm3.25. 60,006 shares changed hands in total, over 58 deals. 960 shares at Lm3.12 and 1,000 shares at Lm3.29 were the best unsatisfied bids and offers respectively after yesterday's session came to a close.
HSBC shares opened the week at Lm5.98 on Monday and closed the week at Lm6 yesterday. A total of 42,244 shares changed hands over the week, spread over 24 deals. Following yesterday's session, 164 shares at Lm5.97 and 19 shares at Lm6 were the best unsatisfied bids and offers respectively.
In a company announcement issued on Monday, HSBC Bank Malta plc stated that it would be meeting on Wednesday, March 24, to consider and approve the audited accounts for the year ended December 31, 2003 as well as the directors' and auditors' report; to declare a final gross dividend of 24.6c per share representing a final gross payment of Lm8,974,080; to reappoint the auditors KPMG and to authorise the board of directors to fix their remuneration; to establish the maximum annual aggregate emoluments of the directors at Lm45,000; and to appoint and elect directors.
The other equities which traded during the week appear below, followed by the range in which trading took place; 134 Lombard Bank shares at Lm4; 292 Middlesea Insurance shares at Lm2.20; 95,635 International Hotels Investments shares between €0.83 and €0.82; 1,640 Plaza Centres plc ordinary shares at Lm0.67; 1,000 First International Merchant Bank plc ordinary shares at Lm0.90; 20,300 Malta International Airport shares between Lm0.87 and Lm0.84; 2,645 GloBAl Financial Services Group plc shares at Lm0.85; and 1,847 Datatrak Holdings plc. shares at Lm0.25.
Total Malta Government Stock turnover amounted to a nominal value of Lm1,073,900 being traded in 67 deals over 21 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm73,594.
The Malta Stock Exchange share index increased by 75.45 points or 3.07 per cent over the week and now stands at Lm2531.086.