A financial regulator will evaluate claims that Malta International Airport shares were “illicitly” traded shortly before the announcement of its financial results and “highest” interim dividend to date.

Stockbroker Paul Bonello flagged on Facebook how there was a sudden jump in share trades hours before MIA’s board announced its half-yearly financial results and the dividend payments to shareholders.

Bonello said the timing of the trades just before the dividend announcement was indicative of insider trading, which is prohibited.

Insider trading occurs when a person uses or attempts to use inside information from a company for his own benefit or for the benefit of others.

In comments to Times of Malta, an MFSA official said the regulator takes such allegations seriously.

“As per MFSA internal procedures, the necessary reviews/evaluations will be made for the appropriate action to be taken, both from a supervisory perspective, as well as in terms of enforcement, if need be,” the official said.

MIA poured cold water on the claim in a company announcement on Thursday.

It said the company disclosed on July 18 that the board of directors would consider the proposal of an interim dividend at a meeting held on August 1.

MIA said it has a significant track record of communication with the market, as it regularly issues monthly announcements on passenger numbers, quarterly financial statements and company updates ahead of board meetings scheduled to consider the approval of financial statements and the declaration of dividends.

A company spokesperson told Times of Malta MIA has formally requested the MFSA to “inquire further into this matter”.

According to airport financial figures released on Thursday, MIA generated €66.4 million in revenue over the first half of the year, netting €22.1 million in profits.

MIA CEO Alan Borg said during a press conference that the company’s solid financial performance enabled it to distribute its highest interim dividend to date to shareholders and continue to invest in the development of MIA.

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