Daily Review 10.12.2024
Trading in Tigné Mall shares suspended ahead of delisting
The MSE Equity Price Index rose by 0.37% to 3,749.303 points as the gains in BOV, IHI, Malita, and M&Z outweighed the declines in APS, Malta Properties and Santumas. Meanwhile, five other equities closed unchanged as today’s trading activity in local equities amounted to €0.16 million. Download today’s Equity Market Summary.
Today, Tigné Mall plc announced that trading in its shares is being suspended with immediate effect to allow its majority shareholder Marsamxett Properties Ltd to exercise its right to require all the remaining shareholders of Tigné Mall to sell and transfer the remaining shares to Marsamxett Properties Ltd. Earlier this year, Marsamxett Properties Ltd had launched a Conditional Voluntary Takeover Bid through which it acquired 45.18% of the entire issued share capital of Tigné Mall and increased its overall shareholding to just under 94.87% of the issued share capital of Tigné Mall. Marsamxett Properties had confirmed its intention to apply for the delisting of the ordinary shares of Tigné Mall following completion of the voluntary bid and the exercise of the squeeze-out.
Bank of Valletta plc increase by 0.6% to the €1.71 level across five deals amounting to 13,105 shares.
International Hotel Investments plc rose by 2.3% to the €0.45 level on two trades totalling 16,018 shares. Yesterday, IHI announced the reopening of Brussels’ historic Grand Hotel Astoria, after completing an extensive €150 million reconstruction and refurbishment.
Malita Investments plc surged by 6.0% to a one-week high of €0.53 over four deals amounting to 27,468 shares, albeit the volume-weighted average price today stood at €0.501.
M&Z plc moved 6.4% higher to the €0.585 level over three trades totalling 28,669 shares, but most of the trading took place at the previous closing price of €0.55.
On the other hand, APS Bank plc declined by 0.9% to the €0.565 level over six deals amounting to 29,187 shares.
Malta Properties Company plc slumped by 4.4% to the €0.344 level over trivial volumes. Yesterday, MPC issued an Interim Directors’ Statement updating the market on its performance during the nine-month period ended 30 September 2024. Revenues surged by 17.9% to €4.32 million and operating profit increased by 18.4% to €3.26 million. Overall, the profit for the period amounted to €1.75 million, which is 50% higher than the reported figure of the same period in 2023 of €1.16 million. MPC explained that a new lease agreement with a government authority was secured for The Exchange at Spencer Hill in Marsa. As a result, the property will be fully leased out once works are completed over the course of 2025. Furthermore, a new lease agreement with the Ministry of Health was secured for the entirety of the Swatar property which was vacated by HSBC Global Services at the end of October. One floor of this property had been released earlier in the year and the new tenant leased this area from the end of Q1 2024. The company explained that the remaining three floors will be occupied by the same tenant once renovation works are completed in 2025.
Suntumas Shareholdings plc shed 0.8% to the €1.23 on muted activity.
On the other hand, FIMBank plc closed unchanged at the USD0.165 over four deals amounting to 172,923 shares. The volume-weighted average price today stood at USD0.142 (-14%).
HSBC Bank Malta plc traded flat at the €1.41 level as 3,229 shares changed hands.
Lombard Bank Malta plc closed unchanged at the €0.82 across five deals totalling 67,250 shares. The volume-weighted average price today stood at €0.75 (-8.5%).
Hili Properties plc held the €0.218 level on a single trade of 3,000 shares.
Malta International Airport plc remained at the €5.85 level on minimal trading activity.
Today, Harvest Technology plc announced that it will distribute a net interim dividend of €0.03 per share. Shareholders as at close of trading on Tuesday 10 December 2024 will be entitled to receive the dividend by not later than Friday 20 December 2024.
MedservRegis plc announced that following considerations made by the Board of Directors to evaluate the possibility of effecting a share or a bond buy back, the Board decided that for the time being, it will not carry out a share repurchase program but will immediately proceed with bond buyback. Accordingly, MedservRegis will stand in the market to repurchase a maximum of €5 million (or the equivalent in USD) in the 4.50% Unsecured Bonds 2026 (EUR) and the 5.75% Unsecured Bonds 2026 (USD). The company explained that the bond buyback program is being carried out for the purpose of utilising the Company’s free cash to reduce its leverage ratio and interest costs. The bond buyback program will apply between 10 December 2024 until the 14 February 2025 at 100% (par value) or the highest price of the last independent trade or the highest current bid.
The RF MGS Index declined by 0.19% to reach 927.243 points as data released today confirmed that inflation in Germany during November stood at 2.4%, unchanged from the previous month. Inflation in Germany had fallen to the ECB’s target of 2% in August and September driven by the effects of volatile energy prices. However, as anticipated inflation has rebounded due to high inflation in services of 4.0%.
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