Last Thursday, Bank of Valletta (BOV) shareholders approved two resolutions at an extraordinary general meeting. They agreed that the existing memorandum and articles of association be revoked and substituted by a new one; and that the bank’s authorised share capital be increased from €500 million to €1,000m, subject to regulatory approval. They also approved two resolutions that the aggregate emoluments payable to the company directors in any financial year will be up to €450,000; and that the board of directors be authorised and empowered to issue new company shares up to a prescribed amount, as defined in the articles of association, for five years from the date of the resolution.

BOV chairman Taddeo Scerri said the bank planned to strength­en its share capital by issuing €150 million in new share capital over a period of 18 months. The bank plans to offer a rights issue to existing shareholders and give them the opportunity to buy new shares in the bank. This will only be opened to the public if any of the new issued share capital is not subscribed to by existing shareholders.

Last week the Malta Stock Ex­change index erased the previous week’s gain, declining by 0.378 per cent to close at 4,712.325 points. Turnover amounted to €2.4 million spread across 18 equities, of which eight advanced, nine fell and one closed unchanged.

Malta International Airport plc (MIA) shares rallied by €0.10, or 2.4 per cent, after the week’s highest turnover, witnessing 28 deals of 346,125 shares and closing at €4.20. At last Wednesday’s board of directors meeting, the group’s interim financial statements for the six months ending June 30 were approved. Passenger movements on the first half of 2017 increased by 20.3 per cent. This was achieved following a 19.3 per cent growth in seat capacity where seat load factor improved by 0.4 percentage points to reach an overall 80.4 per cent.

The total revenue from January to June rose 16.7 per cent from €31.4 million in 2016 to €36.7m in 2017. Turnover from the airport segment rose 19.1 per cent to €25.9 million, while that from the retail and property segment rose 10.7 per cent to €10.5m. Net profit rose €2.8 million, or 34.8 per cent, to €11m.

The directors approved a net interim dividend of €0.03 per share on all shares settled as at close of business on August 23, payable by September 22.

Fimbank plc shares headed the list of losers in the banking sector, falling 6.6 per cent after five deals of 70,727 shares, to close $0.05 lower at $0.71 – a four-month low.

BOV shares fell for the third consecutive week, by 0.5 per cent to close at €2.15. A total of 155,886 BOV shares were traded in 59 deals.

HSBC Bank Malta plc shares partially recouped their previous week’s loss, rising 0.6 per cent as 11 deals of 22,421 shares were struck, to close at €2.062. The bank’s board of directors is due to meet tomorrow to consider and approve the group’s and the bank’s interim accounts for the half-year ending June 30, and consider whether to declare an interim dividend.

Lombard Bank Malta plc shares appreciated by €0.05, or 2.1 per cent, as 6,000 shares were negotiated in four deals, closing at €2.39.

Mapfre Middlesea plc shares rose 1.6 per cent after 19 transactions of 72,670 shares, to close at €1.90. Last Monday, the company announced that its board of directors had approved the group’s unaudited financial statements for the financial half year ended June 30. The group’s pre-tax profit for the first six months amounted to €7.02 million, compared to €5.67m in the comparative period last year. The profit rise was derived from improved non-life business and long-term business results.

The company’s non-life business recovered as actions taken to ad­dress the price deficiency in mo­tor line business are returning this business line to profitability. The improvement in the technical re­sults was boosted by a rise in investment income mainly from the company’s property investment. In line with company policy, the board of directors did not propose the payment of an interim dividend.

Last Tuesday, Simonds Farsons Cisk plc (SFC) shares rose by a minimal 0.1 per cent as four transactions of 4,743 shares were executed, to close at a record high of €7.76.

Malita Investments plc shares were the best performers recouping by 6.3 per cent as nine deals of 79,600 shares were struck, closing at €0.765 – a four-month high.

Last Tuesday, Midi plc shares edged 1.9 per cent higher after four deals of 35,050 shares, to close at €0.32. Likewise, Tigné Mall plc shares increased by one per cent after four transactions of 20,500 shares, closing at €0.97.

Malta Properties Company plc shares slipped by 3.4 per cent as 16 deals of 66,150 shares were negotiated, to close at €0.51.

Grand Harbour Marina plc were the week’s laggards, sagging by 8.4 per cent as two deals of 10,600 shares were struck. The equity closed at €0.82, down  €0.075 .

GO plc shares slipped by 0.3 per cent after 17 transactions of 48,235 shares, closing at €3.59.

International Hotel Investments plc (IHI) shares fell 3.2 per cent as three deals of 16,889 shares were negotiated last Friday. The hoteliers’ equity closed at €0.60.

Medserv plc shares fell two per cent after seven deals of 13,600 shares, to close at €1.25. Maltapost plc shares edged 0.5 per cent lower after three transactions of 3,066 shares, closing at €2.019.

RS2 Software plc shares fell 0.3 per cent as eight deals of 18,547 shares were struck, closing at €1.845. Last Thursday, 6pm Holdings plc announced that the listing of the company’s issued share capital on the MSE official list was discontinued as from last Wednesday.

PG plc shares were last week’s only non-movers, trading flat at €1.34. The equity was active in four deals of 7,900 shares.

In the corporate bond market 36 issues were active, of which 10 rose, 12 fell and 14 closed un­changed as turnover totalled €1.5 million. Investors shied away from the sovereign debt market as out of 26 active issues, 20 fell and six increased in value as turnover totalled €7.3 million.

This article, which was compiled by Jesmond Mizzi Financial Advisors Ltd, does not intend to give investment advice and the contents therein should not be construed as such. The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and a member of the Atlas Group. The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article. For further information contact Jesmond Mizzi Financial Advisors Ltd at 67, Level 3, South Street, Valletta, or on Tel. 2122 4410, or e-mail info@jesmondmizzi.com.

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