Big banks up

Last week, trading in Bank of Valletta shares opened at Lm4.798 on Monday, went down to Lm4.74 during the week, before going up again to end at Lm4.85 on Friday.

Total turnover amounted to 28,611 shares, changing hands over 50 deals. Following the close of business on Friday, best bids for 500 shares at Lm4.80 and best offers for 3,000 shares at Lm4.85 remained outstanding.

HSBC Bank Malta shares rose 21c (4.384%) last week after opening at Lm4.79 on Monday and closing at Lm5 on Friday. The price ranged between Lm4.78 and Lm5 during the week.

Trading consisted of 65,369 shares, changing hands over 50 deals. At the end of Friday's session, bids for 210 shares at Lm4.90 and offers of 3,300 shares at Lm5 made up the best unsatisfied closing positions.

Maltacom shares fell 3c1 last week to end at Lm1.33 on Friday after opening at Lm1.361 on Monday. A total of 41,075 shares changed hands, spread over 29 deals.

Best bids for 313 shares at Lm1.33 and best offers of 6,100 shares at Lm1.36 remained outstanding at the end of Friday's session.

On Monday, Datatrak Holdings plc said that, further to the company announcement of June 15, the company's annual general meeting will be held on Friday, July 29, at 10 a.m. at the Dolmen Resort Hotel, Qawra.

On Tuesday, FIMBank plc announced that it made its debut on the Euroloan market through a US$30 million syndicated trade finance facility. The loan was more than 100% oversubscribed from an initial launch amount of $15 million. Standard Bank plc and San Paolo IMI, as mandated arrangers, signed 15 banks from 12 countries into the syndicate. The transaction is of a 12-month term and will be used to support FIMBank's global trade finance activities.

In another company announcement on Thursday, FIMBank referred to its announcement of May 4 on the ratification by its board of directors of a mandate letter, signed on April 7, with International Finance Corporation, a member organisation of the World Bank Group.

FIMBank said all the conditions have now been satisfied and the necessary regulatory approvals needed in terms of applicable Maltese laws have now been obtained from the competent authorities. FIMBank and IFC have concluded their negotiations for the proposed loan and signed the relevant subordinated convertible loan agreement.

The agreement, which will enable the loan to qualify as Tier II Capital of FIMBank, paves the way for the setting up of a network of specialised trade finance institutions in a number of countries, such as Argentina, Brazil, China, Russia and the United Arab Emirates.

In a company announcement on Wednesday, Middlesea Insurance plc said all the Ordinary Resolutions (including the payment of a dividend of 6c per ordinary share of 50c each), as put to the annual general meeting held on June 17, were approved by the shareholders.

Furthermore, the following were appointed to sit on the board: George Bonnici, Dr Evelyn Caruana Demajo, Roderick Chalmers, Alessandro Corsi, Tonio Depasquale, Victor Galea Salamone, Gaston Debono Grech, Dr John C. Grech, Mario C. Grech, Andres Jimenez Herradon, Dr Michael Sparberg, Lino Spiteri, Domingo Sugranyes Bickel, Frank Xerri de Caro and Joseph F.X. Zahra.

Moreover, the shareholders present at the AGM approved the extraordinary resolution authorising the company to acquire up to a maximum of 1,250,000 of its own ordinary shares. The authorisation expires at the end of the next AGM or on December 18, 2005, whichever is the earlier.

The consideration, which the company is authorised to pay for each share shall not be less than Lm1.65 per share and not more than Lm4.95 per share.

Following a special board meeting convened immediately after the AGM, Mario C. Grech was appointed chairman while Mr Chalmers became deputy chairman.

In another company announcement, Middlesea Insurance said Hugh Attard Montalto has ceased to be a director of Middlesea Insurance plc with effect from June 17. Meanwhile, Joseph F.X. Zahra was elected as a director of the company.

The other equities, which traded last week, with the trading range in brackets, were: 3,384 Lombard Bank shares (Lm5.15-Lm5.099); 7,644 Middlesea Insurance shares (Lm3.30-Lm3.20); 3,039 Simonds Farsons Cisk shares (Lm0.951-Lm0.95); 1,300 Suncrest Hotels (Lm0.329-Lm0.30); 15,650 International Hotel Investments shares (€0.788-€0.785); 33,968 Malta International Airport shares (Lm1.36-Lm1.30); and 33,391 Datatrak shares (18c8-18c).

Total Malta Government Stock turnover amounted to a nominal value of Lm481,500, which was traded in 69 deals over 21 different stocks. Trading in corporate bonds was made up of a total value of Lm186,873.

The Malta Stock Exchange Share Index fell 49.379 points or 1.475% over the week and now stands at 3,397.149.

Azzopardi Investment Management Limited and its directors have an interest in the listed companies mentioned and may have an interest in other securities, commodities or currencies mentioned.

Report by Azzopardi Stockbrokers Limited, tel: 2131-3100, fax 2131-8897 www.azzopardi.com