Malita Extends Rights Issue Offer Period

The MSE Equity Price Index remained relatively unchanged at 3,787.623 points as the gains in PG and Malta Properties offset the declines in GO and BOV. Meanwhile, APS and Lombard closed unchanged as today’s trading activity in local equities was muted at just over €50,000. Download today’s Equity Market Summary.

Today, Malita Investments plc announced that it would be extending the closing date of its Rights Issue offer by three weeks, from Friday 15 March 2024 to Friday 5 April 2024.  Furthermore, the Company will now be able to enter into placement agreements with institutional investors pursuant to the Excess Shares Offer until Wednesday 3 April 2024. Malita disclosed that the extension was implemented in view of ongoing discussions with potential investors who may be interested in participating in the offer. Consequently, the expected date of admission to the listing of the new shares will now be Friday 19 April 2024. Furthermore, the Company announced that the EIB (European Investment Bank) provided the company with a €22 million loan to finance the construction of the site in Luqa which will measure 6,750 square meters, having a total of 267 residential units and 287 car spaces. The site is expected to be completed by December 2026. No trades in the equity were executed on the market today.

Bank of Valletta plc shed 0.7% back to the €1.34 level across four trades totalling 8,910 shares after failing to hold onto an intra-day high of €1.36 (+0.7%). Today, BOV announced that its Board of Directors is scheduled to meet on Wednesday 27 March 2024 to consider and approve the financial statements for the year ended 31 December 2023. The Directors will also consider the declaration of a final dividend.

GO plc moved 1.3% lower to the €3.10 level over five deals amounting to 4,700 shares. GO is expected to publish its 2023 financial statements on 20 March 2024.

On the other hand, Malta Properties Company plc recovered from Wednesday’s all-time low of €0.268 as it surged by 19.4% to the €0.32 level across 4,000 shares. MPC is expected to publish its 2023 financial statements on 21 March 2024.

PG plc moved 1.0% higher to the €2.02 level across four deals totalling 2,947 shares.

Meanwhile, two banks, APS Bank plc (22,780 shares) and Lombard Bank Malta plc  (4,652 shares) both closed unchanged at the €0.56 and €0.85 levels respectively.

The RF MGS Index declined by 0.50% to an almost twe-week low of 893.446, reflecting the movement in the German 10-year bund yield which reached a two-week high today, hovering above 2.44%. Today, two additional ECB governing council members, namely Olli Rehn and Gabriel Makhlouf, opened the doors for a possible rate cut this June when more data, particularly regarding wage dynamics, is available. Furthermore, the ECB’s chief economist Philip Lane believes that the labour market is improving as pressures on wage growth decline on the back of easing labour shortages. In this respect, several ECB governing council members have previously pointed out the importance of wage growth data when deciding on whether to cut interest rates.

This report contains public information only and is not to be construed as investment advice or an offer to buy or sell any securities. Information contained herein is based on data obtained from sources considered to be reliable, but no representations or guarantees are made with regard to the accuracy of the data. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Rizzo, Farrugia & Co. (Stockbrokers) Limited is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap—370 of the Laws of Malta and a member of the Malta Stock Exchange.