MCB Bank GDR gets listed on London Stock Exchange

Posted on 10.19.06 by StockPK Team @ 11:03 am    

MCB Bank’s GDR was formally listed at the London Stock Exchange on Tuesday.

MCB Bank is the first company of Pakistan to get listed on one of the oldest stock exchanges of the world.

Last week, MCB successfully issued 8,622,100 Global Depository Receipts (GDRs) worth $151 million to international institutional investors.

The GDR issue attracted over $700 million from over 50 investors globally.

A press note issued by the bank on Wednesday said the formal market opening for MCB Bank’s GDRs was held at the London Stock Exchange.

Dr Maleeha Lodhi, Ambassador to the United Kingdom, Mian Mohammad Mansha, Chairman MCB Bank and its President Mohammad Aftab Manzoor, attended the ceremony.

Clara Furse, CEO London Stock Exchange hosted the ceremony which was also attended by representatives of Merrill Lynch and KASB Securities, who were financial advisers and book runners for the issue.

The listing also resulted in significant improvement in portfolio flows in the country.

Source: The News