Daily Review 09.10.2024

Marsamxett Properties to apply for the delisting of Tigné Mall

 

The MSE Equity Price Index rose by 0.16% to 3,772.074 points as the gains in APS, BOV, and Medserv outweighed the decline in HSBC. Meanwhile, two other equities closed unchanged as today’s total trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.

Today, Hili Ventures Ltd, the parent company of Marsamxett Properties Ltd, announced that shareholders holding 25,483,208 shares of Tigné Mall, equivalent to just over 45.18% of the total share capital, accepted the voluntary takeover offer which was concluded last Monday. Since these shares are in addition to the 49.68% already held by Marsamxett Properties before launching the bid, Marsamxett Properties’ shareholding in Tigné Mall will reach around 94.87% of the company, which will become effective once payment has been transferred to the outgoing shareholders by not later than 22 October 2024. Hili Ventures explained that following this process, Marsamxett Properties Ltd. will exercise its right under the Capital Markets Rules to squeeze out the remaining shareholders and apply to de-list the company.

Bank of Valletta plc increased by 0.6% to the €1.69 level over thirty-seven trades totalling 30,050 shares.

Also in the banking sector, APS Bank plc gained 1.8% to the €0.58 level on a single deal of 1,400 shares.

MedservRegis plc moved 2.3% higher to the €0.45 level after recovering from an intraday low of €0.312 (-29%) across three trades amounting to 3,050 shares. Today’s volume-weighted average price was of €0.323.

HSBC Bank Malta plc shed 0.7% to the €1.45 level across eight trades amounting to 14,042 shares.

Meanwhile, Malta International Airport plc traded flat at the €5.95 level as 12,300 shares changed hands. Last Monday, MIA announced that it welcomed 896,471 passengers during September 2024, an increase of 10.4% compared to the corresponding month last year.

GO plc closed unchanged at the €2.72 level over four deals amounting to 4,800 shares.

Today, Malita Investments plc announced that it will hold an Extraordinary General Meeting on Thursday 28 November 2024 to approve a change in auditors for the year ending 31 December 2024 from PricewaterhouseCoopers to KPMG. Such recommendation was made by the Audit Committee after having taken into consideration a number of important factors, including but not limited to the proposals received further to a competitive tender process undertaken by Malita Investments.

Yesterday, Grand Harbour Marina plc announced that the Directors approved a gross interim dividend of €0.05 per share, payable on Wednesday 30 October 2024, to all shareholders as at the close of trading on Monday 21 October 2024.

The RF MGS Index snapped a four-day losing streak as it rose by 0.09% to 913.781 points.  Today, the German government revised the 2024 economic forecast as it now anticipates an economic contraction of 0.2%, compared to an earlier projection of 0.3% growth. The new forecast would mark the first two-year recession in over twenty years. Nonetheless, the Government expects an economic rebound in the next two years, with 1.1% and 1.6% growth being projected for 2025 and 2026 respectively. Elsewhere in the US, the average weekly mortgage rate last week increased for the first time in three months as it resurfaced to the highest level since the end of August. Consequently, mortgage applications fell by 5.1% from the previous week. Meanwhile, the price of oil plummeted by more than 6% from USD77 to under USD72 within two days driven by a larger than anticipated crude oil inventory as well as downward revision for oil usage in 2025.

 

This report contains only public information and is not to be construed as investment advice or an offer to buy or sell 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.