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 and Charles Azzopardi and Notary Clyde La Rosa were re-appointed as directors of the Company. The shareholders also re-appointed KPMG as the company’s auditors.

HSBC Fund Management (Malta) Ltd managing director Charles Azzopardi gave a brief overview of recent developments in local and international markets and replied to questions raised by investors present.

He also gave 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.

HSBC Fund Management (Malta) Ltd investments manager Steven Tedesco then delivered a detailed presentation on the performance of the Malta Bond Fund and the International Bond Fund for the period under review, during which he highlighted 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. In addition, as at 21 June 2005, the Malta Bond Fund had achieved an annualised increase in its unit price of 4.1 per cent since its launch on 5 February 1997, while 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”, Mr Tedesco added.