Daily Market Highlights (26.10.2021)

Hili Properties publishes IPO Prospectus


The MSE Equity Price Index advanced by 0.93% to 3,891.707 points as the gains in BOV, Lombard, MIA and Farsons outweighed the declines in three other equities. Meanwhile, PG remained unchanged as overall trading activity amounted to €0.06 million. Download today’s Equity Market Summary.

Today, Hili Properties plc published its prospectus in relation to the company’s Initial Public Offering of 185,185,185 new shares at €0.27 each for a total value of €50 million. The allotment of new shares is conditional upon a minimum raise of €27 million which will represent at least 25% of the issued share capital of Hili Properties. The net proceeds from the new shares will be utilised to finance new property acquisitions that have a high level of tenancy located in Malta, the Baltics, Romania and other developed countries such as Poland and Lithuania. The offer period closes on 26 November 2021 or earlier in the case of oversubscription.

PG plc remained at the €2.44 level across three trades totalling 14,450 shares, representing nearly 58% of today’s trading value.

A single deal of trivial volumes boosted the share price of Simonds Farsons Cisk plc by 9.8% to the €8.95 level.

Lombard Bank Malta plc recovered all of yesterday’s losses as it surged by 9.4% back to the €1.98 level albeit on muted activity of only 66 shares.

Also in the retail banking sector, Bank of Valletta plc continued to trade within a tight range and ended 1.1% higher at the €0.88 level after recovering from an intraday low of €0.865 (-0.6%) on four deals totalling 15,200 shares.

Malta International Airport plc added 1.7% to the €6.10 level on a single trade of 660 shares.

Today’s worst performing equity, Harvest Technology plc lost 2.7% to the €1.46 level on a single deal of 3,342 shares.

Within the same sector, BMIT Technologies plc eased by 0.4% to the €0.488 level on one trade of 1,000 shares.

HSBC Bank Malta plc declined by 2.4% to the €0.80 level on two trades totalling 3,360 shares.

The RF MGS Index extended yesterday’s gains as it added a further 0.11% to 1,081.741 points. Spain’s producer price inflation for September reached a multi-year high reflecting the surge in energy prices, supply chain constraints and the low base effect from last year. Meanwhile in the US, the housing market showed signs of slower growth, albeit prices were still 19.8% higher in August when compared to the same month last year.

Yesterday, AX Group plc announced that AX Real Estate Limited (the property letting arm of AX Group) intends to submit an application to the MFSA for authorisation for admissibility to listing on the Official List of the Malta Stock Exchange of 33,333,333 ordinary ‘A’ shares which will be offered for sale to the public, subject to an over-allotment option which, if exercised, would increase the offer up to an aggregate of 50 million ordinary ‘A’ shares; and €40 million in 3.5% unsecured bonds redeemable in 2031. AX Group noted that whilst the share and bond offers will be available for subscription by all categories of investors (including the general public through authorised financial intermediaries), preference will be given to investors who, as at a record date yet to be specified, hold listed securities issued by AX Group and/or AX Investments plc.