27 July 2005

The Web

HSBC Malta Funds Sicav holds AGM

HSBC Malta Funds SICAV plc has held its eighth Annual General Meeting. During the meeting, the members present approved the Annual Report and Audited Financial Statements for the year ended 31 March 2005. Prof. Edward Scicluna was re-appointed Chairman while Charles Azzopardi and Notary Clyde La Rosa were re-appointed as directors of the Company. The shareholders also re-appointed KPMG as auditors of HSBC Malta Funds SICAV plc.
Charles Azzopardi, Managing Director of HSBC Fund Management (Malta) Limited, gave a brief overview of recent developments in the local and international markets and responded to questions raised by investors present. He also provided information about a number of new product initiatives by HSBC Fund Management (Malta) Ltd., such as the Regular Savings Facility and the income class of shares available in a number of its Funds.
Steven Tedesco, Investments Manager at HSBC Fund Management (Malta) Limited, then delivered a detailed presentation on the performance of the Malta Bond Fund and the International Bond Fund for the period under review highlighting the main factors contributing to the performance of the Funds.
The accumulator shares in the Malta Bond Fund and the International Bond Fund (MTL) recorded a noteworthy gross increase in the unit price of 5.1 per cent and 5.3 per cent respectively for the period between 1 April 2004 and 21 June 2005. Moreover up to 21 June 2005, the Malta Bond Fund has achieved an annualised increase in its unit price of 4.1 per cent since its launch on 5 February 1997, whilst the International Bond Fund has achieved an annualised increase of 4.3 per cent since its launch on 21 June 2002. “In the light of the current low interest rate scenario, such returns are considered highly attractive”, Tedesco added.
Investment should be based upon the details contained in the Prospectus, which may be obtained from all branches of HSBC Bank Malta plc.

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