Plaza profits marginally ahead

In a company announcement issued on Monday, the board of directors of Plaza Centres p.l.c. published the company's results for the year ended December 31, 2004. These show a turnover of Lm617,936 (Dec 03: Lm580,765); profit for the year after tax amounting to Lm264,964 (Dec 03: Lm220,093) and earnings per share of 2c8 (Dec 03: 2c3).

The board proposed the payment of a net dividend of Lm0.0266 per share. The final dividend will be paid on April 29 to shareholders who are in the company's shareholder register as at March 24.

Bank of Valletta shares witnessed a decrease of 73c (13.96 per cent) during the week when trading opened on Monday at Lm5.23 and went down to close yesterday's session at Lm4.50. A total of 101,559 shares changed hands in 156 deals. At the end of yesterday's session, bids for 4,212 shares at Lm4.40 and offers of 6,012 shares at Lm4.50 made up the best unsatisfied closing positions.

In a company announcement issued on Tuesday, Bank of Valletta p.l.c. announced that with reference to the recent speculation in the press on the sale of shares in the bank by the government and Banco di Sicilia S.p.A, the government wished to clarify that following the appointment of Rothschild S.p.A as financial advisor, the process was under way but at this stage, no banks have yet been approached.

During the current week, trading in HSBC Bank opened at Lm9.70, went down to Lm9.26 on Thursday before going up again to end yesterday's session at Lm9.48. Total turnover for the week amounted to 14,491 shares changing hands over 33 deals. Following the close of business yesterday, best bids for 203 shares at Lm9.40 and best offers for 1,020 shares at Lm9.48 remained outstanding.

In a company announcement issued on Monday, HSBC Bank Malta p.l.c. stated that during its AGM to be held on March 23, the bank would be presenting the following resolutions for consideration: to receive and approve the audited accounts for the year ended December 31, 2004 as well as the directors' and auditors' report; to declare a final gross dividend of 27c3 per share; to re-appoint the auditors; to establish the maximum annual aggregate emoluments of the directors at Lm70,000; and to appoint and elect directors.

In addition, there will be an extraordinary resolution to amend clause 6 of the company's memorandum of association with effect from April 1, 2005 where the authorised share capital of the company will be Lm40 million divided into 320 million ordinary shares of 12c5 each and the issued and fully paid-up capital of the company will be Lm9,120,000 divided into 72,960,000 shares of 12c5 each, which are all listed on the Malta Stock Exchange.

Maltacom shares opened the week at Lm1.629 on Monday and went down to close the week at Lm1.50 yesterday. A total of 60,584 shares changed hands during the week, spread over 58 deals. As yesterday's session drew to an end, 2,749 shares at Lm1.50 and 3,000 shares at Lm1.52 were the best outstanding bids and offers respectively.

Yesterday, Maltacom plc announced that at the closure of nominations of candidates for the election of directors during the forthcoming AGM of the company, scheduled for May 2005, it had received and accepted the following three candidates: Peter J.Baldacchino, John Ellul Vincenti and The Noble Paul Testaferrata Moroni Viani. Given that there are only three vacant posts the above mentioned gentlemen will automatically be appointed to the board with effect from the end of the seventh AFM which is going to be held on May 20, 2005.

On Monday, First International Merchant Bank p.l.c announced that at a board meeting of the company, the directors approved Raymond Busuttil and Andrew T. Freeman as executive vice president with effect from March 1, 2005.

Yesterday, Global Financial Services Group p.l.c. announced that a meeting of the board of directors has been set for March 18, to consider and approve the financial statements for the financial year ended December 31, 2004. During this meeting the board is also expected to consider and decide on the recommendation of a dividend to the shareholders at the forthcoming annual general meeting.

The other equities which traded during the week appear below, followed by the range in which trading took place; 2,805 Lombard Bank shares between Lm4.85 and Lm4.75; 5,525 Middlesea Insurance shares between Lm3 and Lm2.90; 3,540 Simonds Farsons Cisk shares between Lm1.125 and Lm1.122; 8,683 International Hotels Investments shares between €0.765 and €0.76; 13,000 Plaza Centres shares between Lm0.66 and Lm0.65; 4,000 FIM Bank shares at USD1.139; 12,427 Malta International Airport shares between Lm1.38 and Lm1.30 and 200 Global Financial Services shares at Lm1.07.

Total Malta Government Stock turnover amounted to a nominal value of Lm947,300 being traded in 68 deals over 23 different stocks. Trading over the week in corporate bonds was made up of a total value of Lm191,794. Meanwhile, in the primary market, the Treasury will be issuing two fungible issues next week.

The Malta Stock Exchange Share Index decreased by 228.71 points or 6.48 per cent over the week and now stands at 3,301.409.