IHI submits plans for Corinthia Oasis

 

The MSE Equity Price Index started the week in negative territory as it slipped by 0.21% to 3,861.309 points on the back of the sharp decline in Tigné Mall. Meanwhile, BOV, MIA and PG all closed flat on trading activity amounting to €0.11 million. Download today’s Equity Market Summary.

Bank of Valletta plc remained at the €0.90 level on increased activity totalling 60,600 shares. BOV will be publishing its June 2021 interim financial results on 29 July.

Malta International Airport plc traded unchanged at the €6.30 level across 6,790 shares. MIA will be publishing its June 2021 interim financial results on 28 July.

Meanwhile, PG plc closed flat at the €2.26 level across 3,307 shares, although the majority of trading activity took place at an intraday high of €2.34 (+3.5%). Shareholders of PG as at the close of trading on 9 July 2021 were entitled to a net interim dividend of €0.0296296 per share today.

Elsewhere, Tigné Mall plc plunged by 19.3% to a 6½-year low at the €0.605 level across a single trade of 1,000 shares.

Today, International Hotel Investments plc announced that it submitted plans to build a low-lying, highly landscaped resort on the 83,000 sqm site currently occupied by the disused Hal-Ferh Holiday Complex. The development will comprise a 5-star hotel having 162 keys as well as 25 hotel-serviced residences. Commenting on the proposed development, IHI Chairman Mr Alfred Pisani said: “We are very excited about this new resort. We will create a world class product that matches all that we are doing as a brand globally in the luxury sector. We are aiming at setting a new benchmark for the island. As we emerge from the most challenging period ever faced by our industry worldwide, our investment reaffirms Corinthia’s strong commitment and belief in Malta, our home country.”

In a separate announcement, today HSBC Bank Malta plc announced that its Board of Directors is scheduled to meet on Monday 2 August 2021 to consider and approve the interim financial statements for the six-month period ended 30 June 2021.

The RF MGS Index posted its third consecutive gain after it rose by a further 0.05% to 1,101.850 points as yields moved lower on the back of the economic uncertainty in various European countries which are faced with new pandemic-related restrictions that were announced following a recent surge in infections. Conversely, all remaining restrictions across the UK were lifted today. The European Central Bank’s Governing Council is scheduled to meet on Thursday to discuss its action plan with an aim to achieve 2% inflation over the medium term. Meanwhile, the largest group of oil producing countries, known as OPEC+, agreed to increase production monthly to restore the output to pre-pandemic levels by the end of 2022.  The decision resulted in lower oil prices after these had reached 3-year highs when negotiations stalled.