BOV discloses share buyback proposal details

The MSE Equity Price Index rose by 0.09% to 3,824.067 points as the gains in GO, Grand Harbour Marina, and Malta Properties outweighed the declines BOV and Hili Properties. Meanwhile, four equities closed unchanged but trading activity remained muted at around €60,000. Download today’s Equity Market Summary.

Bank of Valletta plc shed 0.5% to the €1.95 level on two deals totalling 4,120 shares. Today, BOV published the agenda for the upcoming AGM which is scheduled to be held on 29 May 2025. One of the resolutions relates to a share buyback (non-cancellable) programme in which the directors are seeking authorisation to repurchase and acquire up to 2,800,000 shares at a price ranging from a minimum purchase price of €1.70 per share and a maximum of €2.80 per share. BOV explained that should purchases occur after the 26 June 2025 (which is the record date for the proposed bonus share issue of 1 bonus share for every 10 shares held), the value and number of shares will be adjusted proportionally for the bonus share. As such, the price range would be adjusted to a minimum purchase price of €1.55 per share and a maximum of €2.55 per share. The announcement also stated that the resolution’s authorisation is subject to regulatory approval and will be granted for a period of 18 months. The directors are also seeking authorisation for BOV to hold any shares acquired for re-sale, or to utilise such acquired shares to distribute them to shareholders, in line with the Bank’s applicable distribution policies from time to time, which the directors believe are in the best interests of BOV.

Hili Properties plc slumped by 7.0% to the €0.24 level on two deals totalling 99,167 shares.

On the other hand, Grand Harbour Marina plc surged by 18.8% to the €0.95 level on a single trade of 1,000 shares.

GO plc moved 3.8% higher to the €2.70 level across two deals totalling 770 shares. GO’s shareholders as at the close of trading on 16 May 2025 will be entitled to a final net dividend of €0.08 per share payable on 24 June 2025.

Malta Properties Company plc rose by 12% to the €0.354 level on a single deal of 6,210 shares.

Meanwhile, HSBC Bank Malta plc closed unchanged at the €1.40 level over three deals amounting to 14,000 shares.

Malta International Airport plc traded flat at the €5.85 level as 363 shares changed hands.

M&Z plc and Simonds Farsons Cisk plc both held the €0.53 and €6.10 levels respectively on muted activity.

The RF MGS Index rose by 0.31% to 918.829 points. Yesterday, the Federal Reserve opted to leave the federal funds rate unchanged at a range of 4.25% to 4.50%. The Fed Chair Jerome Powell stated that pre-emptive rate cuts to safeguard against US tariffs cannot be implemented if the direction of inflation is unclear. Mr Powell added that more data needs is needed for the Fed to comfortably cut rates. He explained that the negotiations with key US trade partners will play a pivotal role in both the economic outlook and the Fed’s policy going forward. Elsewhere in the UK, the Bank of England opted to cut its base interest rate by 25 percentage points to 4.25%. Whilst the cut was widely anticipated, the voting was unexpectedly split as the committee was divided on how policy should respond. Moreover, the Bank of England highlighted that whilst US tariffs are likely to slow down economic growth, the ultimate outlook is still unclear.