Marsamxett Properties launches public takeover offer for Tigne Mall

The MSE Equity Price Index remained virtually unchanged at 3,795.359 points as the gains in APS, BMIT, BOV, Lombard, and MaltaPost were offset by declines in GO, HSBC, MIA, and Malita. Meanwhile, three other equities closed unchanged as today’s trading activity in local equities amounted to €0.61 million. Download today’s Equity Market Summary.

Today, Marsamxett Properties Ltd, a wholly owned subsidiary of Hili Ventures Limited and the largest shareholder of Tigné Mall plc, announced the launch of a Conditional Voluntary Public Takeover Offer for the acquisition of all the issued share capital of Tigné Mall plc at a price of €1.04 per share. The offer period is from 16 September to 7 October 2024. The shares of Tigne Mall plc traded flat at the €1.00 level across volumes totalling 21,000 shares.

Malta Properties Company plc and Santumas Shareholding plc also closed unchanged at the €0.33 and €1.25 level respectively on trivial volumes.

HSBC Bank Malta plc was today’s most actively traded equity as it fell by 2.0% to the €1.45 level on 20 trades totalling 336,453 shares, having a market value of €0.49 million. Earlier this week, HSBC Bank Malta plc announced that its ultimate parent company, HSBC Holdings plc, will undertake a strategic review of its indirect 70.03% shareholding in the Bank. Yesterday, HSBC Bank Malta noted that it has been informed by the majority shareholder that the review process is at an early stage, will consider a range of options and no decisions have yet been made.

Also among the large companies by market value, GO plc shed 4.2% to the €2.72 level across five deals totalling 9,923 shares.

Malta International Airport plc eased by 0.8% to the €5.90 level as 1,500 shares changed hands. Earlier this week, MIA announced that it welcomed a record 983,182 passengers during August 2024, an increase of 11.9% compared to the corresponding month last year. The passenger movements during the first eight months of 2024 amounted to 6.0 million, representing an increase of 16.3% from the 5.16 million movements recorded in the same period last year.

Malita Investments plc moved 0.9% lower to the €0.54 level on volumes of 1,334 shares.

APS Bank plc recovered yesterday’s losses as it rebounded by 1.8% to the €0.58 level, across 10 trades totalling 40,437 shares. Following online media reports that APS Bank is in advanced negotiations to buy HSBC Malta, yesterday APS Bank announced that all its actions and dealings are invariably guided by the highest standards of good governance and due regard of its various regulatory obligations, including respect for confidentiality. APS Bank confirmed that it will keep the market informed through company announcements whenever necessary.

Bank of Valletta plc climbed 0.6% higher to the €1.69 level on three deals totalling 7,687 shares.

Also in the banking sector, Lombard Bank Malta plc surged by 7.6% to the €0.85 level on five deals totalling 28,010 shares. Nonetheless, the volume-weighted average price for the day stood at €0.802 (+1.6%).

MaltaPost plc rebounded by 18.9% to the €0.478 level on a single deal of 5,050 shares.

BMIT Technologies plc advanced by 2.9% to the €0.354 level on a single trade of 7,406 shares.

The RF MGS Index remained practically unchanged at 914.438 points as the euro area sovereign bond market yields remained stable following the ECB’s widely anticipated decision to lower its key rates by 25 basis points. Elsewhere in the US, credit rating agency Fitch published a note indicating that the Federal Reserve will ease its rates at a milder pace than past cycles. This view was driven by indications that inflation will remain a challenge and the Fed will need more time to tame the price pressures.

 

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.