Index turns positive

The MSE Index fully erased May’s negative performance, having advanced by 1.3 per cent, to close at 4,697.378 points. Turnover totalled €6.6m and was spread across 21 equities of which 12 gained ground, eight fell and one closed unchanged.

In the banking sector, Bank of Valletta plc shares recouped by a minimal 0.2 per cent as 201 deals of 577,649 shares were struck, to close at €2.18. Conversely, FIMBank plc shares registered a decline for the fourth consecutive month having slipped by 0.7 per cent across nine trades of 66,076 shares, closing at $0.77.

HSBC Bank Malta plc shares appreciated by €0.05 or 2.5 per cent over 101 transactions of 415,642 shares, to close at €2.05. The bank announced that the Board of Directors is scheduled to meet on July 31, 2017 to consider and approve the Group’s and the Bank’s Interim Accounts for the half-year ending June 30, 2017 and, consider and declare an interim dividend, should this be thought appropriate.

Lombard Bank Malta

shares fell by 1.1 per cent across 17 trades of 53,969 shares, closing at €2.365. The Board of Directors of the bank will be meeting on August 24, 2017 to consider and approve the Group’s and the Bank’s interim financial statements for the halfyear ending June 30, 2017.

MaltaPost plc shares increased by a marginal 0.1 per cent as four trades of 83,000 shares were negotiated, to close at €2.03. Similarly,

Simonds Farsons Cisk plc plc

shares increased by 0.7 per cent across 15 transactions of 17,208 shares, closing at a record high of €7.60.

RS2 Software plc shares rallied by a significant €0.19 or 12.4 per cent as 756,994 shares changed ownership over 120 deals, to close at €1.72. Loqus Holdings plc shares edged 2.9 per cent higher as two transactions of 2,212 shares were executed, closing at €0.175.

Malta International Airport plc (MIA) shares succumbed to

selling pressure, having declined by a further 0.8 per cent across 86 trades of 167,960 shares, closing €0.034 lower at €4.115. The local airport operator announced that as the summer months approached, traffic continued on its upward trend over the past months, with May registering an increase of 14.4 per cent in passenger numbers over the same period last year.

MIA hosted a total of 548,354 travellers in May, with over 68,000 more travellers welcomed last month when compared to 2016. This increase in passenger numbers is equivalent to an extra 12 commercial aircraft carrying a full load of 180 passengers every day last month.

The Board of Directors of MIA is scheduled to meet on July 21, 2017 to consider and approve the interim financial statements for the halfyear ended June 30, 2017.

GO plc shares oscillated between a monthly high of €3.559 and a low of €3.371, to ultimately close 0.9 per cent lower at €3.47. The telecommunications equity was active on 48 deals of 126,624 shares.

Malita Investments plc shares fully recouped May’s loss having advanced by 2.8 per cent as 50 transactions of 488,365 shares were executed, closing at €0.74. The company reported that it has entered into two credit facility agreements with the European Investment Bank and the Council of Europe Development Bank for the purposes of financing the construction of a number of affordable housing units in Malta. This is expected to provide the company with a stable return on investment. The 25 year term facilities are for an aggregate amount of €53.7m and will finance the construction of circa 680 units.

Plaza shares decreased by a further €0.04 or 3.9 per cent as 255,400 shares changed hands across 23 trades, to close at €1. The Board of Directors of the company is scheduled to meet on July 19, 2017 to consider and approve the interim financial statements for the half-year ended June 30, 2017.

Tigne Mall plc shares were the only non-movers for the month

Centres plc

having closed the month unchanged at €0.98. The equity witnessed 12 trades of 143,360 shares.

In the same sector, MIDI plc shares edged 1.6 per cent lower over 11 deals of 32,200 shares, closing at €0.31. Conversely, Malta Properties Company plc shares fully reversed May‘s loss, having advanced by 3.7 per cent as 50,200 shares changed hands across 26 trades, to close at €0.529.

Mapfre Middlesea plc shares stayed faithful to their recent losing streak having registered a decline for the fourth consecutive month. The equity headed the list of fallers in June having declined by four per cent across 12 transactions of 21,099, to close €0.08 lower at €1.90.

Grand Harbour Marina plc (GHM) shares edged 0.1 per cent lower as 13 deals of 10,308 shares were negotiated. The equity closed at €0.896.

International Hotel Investments plc shares increased by

three per cent over 22 trades of 132,597 shares, closing at €0.62. Similarly, Santumas Shareholdings plc shares appreciated by an impressive €0.25 or 14.3 per cent across seven deals of 18,258 shares, to close at €2 - recording a year-todate rally of 58.7 per cent.

Medserv plc shares soared by four per cent as 104,418 shares were struck over 30 transactions, closing at €1.30. On a similar note, PG plc shares increased by 1.6 per cent across 63 deals of 465,821 shares, to also close at €1.30.

In the corporate bond market turnover amounted to €5.7m spread across 43 issues of which 22 gained ground, 10 fell and 11 closed unchanged. The 3.9% Plaza Centres plc Unsecured € 2026 was the worst performer having declined by 1.6 per cent, to close at €101.15.

Meanwhile, the 7% Grand Har-

bour Marina plc € 2017-2020

headed the list of gainers having advanced by 2.9 per cent, to close at €102.99. GHM has received regu- latory approval for the issue of

€15m 4.5% Unsecured Bonds redeemable in 2027, having a

nominal value of €100 per bond, to be issued at par. A maximum amount of €11m of the proceeds raised from the issue will be used by the company to redeem the 7% GHM plc 2017-2020 bonds remaining in issue as at June 23, 2017.

The existing bondholders will be granted preference to subscribe to the new bonds by surrendering the existing bonds subject to any cash top-up necessary to bring the minimum application amount per existing bondholder to €2,000. Furthermore, the company has also reserved an aggregate amount of €2m for subscription by shareholders of the company as at June 23, 2017.

An aggregate amount of €2m and any balance of the new bonds not subscribed to by the existing bondholders or shareholders has been reserved for subscription by Selected Authorised Financial Intermediaries through an Intermediaries’ Offer.

The new bonds are expected to be admitted to the Official List of the MSE on August 22, 2017, and trading is expected to commence on August 23, 2017.

During the month, regulatory approval was recieved for the issuance of €40m 5%

Mediterranean Investments Holding p.l.c. Unsecured Bonds 2022, at par with a

nominal value of €100 per Bond, guaranteed by Corinthia Palace Hotel Company Limited.The company will be redeeming the 7.15% EUR, GBP and USD denominated bonds 2015-2017 on July 6, 2017 in accordance with the terms of the prospectus dated June 14, 2010. This bond was oversubscribed by June16.

In June, Tumas Investments plc announced that the Listing Authority of the MFSA granted its approval for the issue of an aggregate principal amount of €25m 3.75% Unsecured Bonds due 2027, with a nominal value of €100 per bond, to be issued at par, which are guaranteed by Spinola Development Company Limited (C 331), pursuant to a prospectus dated May 29, 2017. This bond was oversubscribed.

The company will be redeeming the €25m 6.2% Bonds 2017 - 2020 on July 10, 2017 in accordance with the terms of the prospectus dated June 9, 2010. The net proceeds from the New Bonds will be used to redeem the outstanding amount of Maturing Bonds remaining in issue on July 10, being the date of redemption of the Maturing Bonds.

Furthermore, Anchovy Studios plc 5.5% 2027 Unsecured Bonds and Orion Finance plc 4.75% 2027 Unsecured Bonds were admitted to Prospects, on Friday June 16 and Monday June 19 respectively.

In the sovereign debt market 28 issues were active of which 12 short-dated issues declined and 16 long-term issues advanced. Turnover totalled €33.3m. The 2.5% MGS 2036 (I) was the most liquid issue having witnessed a turnover of €9.3m, closing one per cent higher at €106.02.