HSBC up 21c

HSBC shares increased a total of 21c (4.384 per cent) over the week after opening Monday's session at Lm4.79 and closing that of yesterday at Lm5. During the week the price ranged between Lm4.78 and Lm5. Trading for the week consisted of 65,369 shares changing hands over 50 deals. At the end of yesterday's session, bids for 210 shares at Lm4.90 and offers of 3,300 shares at Lm5.00 made up the best unsatisfied closing positions.

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

Meanwhile, Maltacom shares lost 3c1 during the week to end yesterday's session at Lm1.33 after opening at Lm1.361 on Monday. A total of 41,075 shares changed hands during the week, spread over 29 deals. Best bids for 313 shares at Lm1.33 and best offers of 6,100 shares at Lm1.36 remained outstanding when yesterday's session drew to a close.

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

On Tuesday, FIM Bank plc, announced that it made its debut on the Euroloan Market through a USD30 million Syndicated Trade Finance Facility. The loan was more than 100 per cent oversubscribed from an initial launch amount of USD15 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 issued on Thursday, FIMBank plc made reference to the company announcement of May 4 referring to 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.

The company announced that all the conditions have now been satisfied and the necessary regulatory approvals required in terms of applicable Maltese laws have now been obtained from the competent authorities.

FIMBank plc and IFC have concluded their negotiations for the Proposed Loan and signed the relevant Subordinated Convertible Loan Agreement (the "Agreement').

The agreement, which will enable the loan to qualify as Tier II Capital of FIMBank plc, 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 Dubai, UAE.

In a company announcement issued on Wednesday, Middlesea Insurance plc announced that all the ordinary resolutions (including the payment of a dividend of 6c0 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, Evelyn Caruana Demajo, Roderick Chalmers, Alessandro Corsi, Tonio Depasquale, Victor Galea Salamone, Gaston Debono Grech, John C. Grech, Mario C. Grech, Andres Jimenez Herradon, Michael Sparberg, Lino Spiteri, Domingo Sugranyes Bickel, Frank Xerri de Caro and Joseph F.X. Zahra.

Moreover, the shareholders present at the annual general meeting approved the extraordinary resolution whereby the company is authorised to acquire up to a maximum number of 1,250,000 of its own ordinary shares. The authorisation hereby given to the company expires at the end of the next annual general meeting or on December 18, 2005 whichever is the earlier. The consideration, which the company is authorised to pay with respect to each of such shares, 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 annual general meeting, Mario C. Grech was appointed chairman while Roderick Chalmers was appointed deputy chairman.

In another company announcement, Middlesea Insurance plc announced that 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 Middlesea Insurance plc.

The other equities which traded during the week appear below, followed by the range in which trading took place: 3,384 Lombard Bank shares between Lm5.15 and Lm5.099; 7,644 Middlesea Insurance shares between Lm3.30 and Lm3.20; 3,039 Simonds Farsons Cisk shares between Lm0.951 and Lm0.95; 1,300 Suncrest Hotels between Lm0.329 and Lm0.30; 15,650 International Hotel Investments shares between €0.788 and €0.785; 33,968 Malta International Airport shares between Lm1.36 and Lm1.30 and 33,391 Datatrak shares between Lm1.188 and Lm1.18.

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

The Malta Stock Exchange share index decreased by 49.379 points or 1.475 per cent 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 Investment Management Limited, tel. 2131 3100, fax. 2131 8897

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