Minister for Finance visits the Malta Stock Exchange

The Minister for Finance Prof. Edward Scicluna visited the Malta Stock Exchange where he congratulated the chairman and Board of Directors who have been confirmed and will continue to lead the Exchange for the next tenure.

The minister expressed his deep satisfaction on the performance of the Exchange, which forms part of his portfolio, and the many initiatives that have been launched including the National Capital Markets Strategic Plan.

He made particular reference to the new SME oriented Prospects market that has already attracted four admissions, with another two applications being assessed. This market is expected to attract as many as 10 admissions by the end of the year, reflecting a paradigm shift in how SMEs can access new capital and address succession planning issues.

It was also of satisfaction in the year ending 2016, that the Malta Stock Exchange posted a record after tax net income of €2.53m, a significant increase of 50%, on the back of significant revenue growth and a decline in operating expenses.

A significant cost-cutting exercise was also initiated to reduce and manage spending, resulting in a decrease in operating expenses of 4.3% in spite of wage costs and capital expenditures having increased.

The minister expressed his pleasure at the fact that the Exchange was not only contributing to the continued growth and development of the economy but was also registering impressive bottom line performance year on year.

The Finance Minister expressed his appreciation for the efforts made by all stakeholders including the management and staff of the Exchange that led to these results and looks forward to seeing the Exchange energise and take the Maltese capital markets to new levels.