Mapfre Internacional obtains green light from MFSA

This morning Middlesea Insurance plc announced that further to the Company Announcement issued on 29 April 2011, the Malta Financial Services Authority (MFSA) granted approval for Mapfre Internacional to acquire to acquire Munich Re’s 19.9% shareholding in Middlesea Insurance. Following this transaction, Mapfre’s equity stake will rise to 50.98%. However the announcement failed to provide the price at which such a transaction will take place. In terms of the Listing Rules, Mapfre will proceed to issue a mandatory offer to the remaining shareholders following the conclusion of the transaction with Munich Re. No trades were affected in Middlesea shares during this morning’s session as he market awaits the details of the transaction between the two insurance giants and the subsequent price of the mandatory offer.

The MSE Share Index moved 0.1% higher today to 3,328.391 points mainly due to a 0.4% recovery in the share price of Bank of Valletta plc to the €2.61 level across twenty eight trades totalling over 46,000 shares. Meanwhile shares of HSBC Bank Malta plc remained inactive for the second consecutive session with few offers unsatisfied at the last closing price of €2.93 and best bids pitched at the €2.91 level.

The other movers during this morning’s session were Plaza Centres plc (+0.6% to regain the 2011 high of €1.80) and GO plc (-0.4% to the €1.36 level).

Meanwhile Malta International Airport plc traded unchanged at the €1.73 level across seven trades totalling 20,645 shares. Further bids totalling 15,000 shares remain outstanding at the closing price with lowest offers at the €1.74 level. The airport operator is scheduled to publish its half-year results on 27 July.