MCB Bank GDR gets listed on London Stock Exchange

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.

JP Morgan to re-open equity brokerage in Pakistan

JP Morgan is planning to re-open its equity business in Pakistan, the first foreign brokerage to return since they abandoned the South Asian nation in the early 2000s, sources familiar with the development said.

The No.3 US bank shut its Pakistan equity broking arm five years ago as part of a consolidation plan. “JPMorgan will be opening an equity platform in Pakistan along with equity and economic research,” said a market source with knowledge of the development.

MCB Bank GDR raises $150 million

MCB Bank officially announced on Wednesday that it has successfully raised $150 million (Rs9 billion) through the issuance of 8.622 million shares in the form of Global Depository Receipts (GDR), to be listed on London Stock Exchange.

Each GDR represents four underlying equity shares, priced at $17.40 (Rs264 per equity share).

This landmark transaction represents the first GDR offering for a Pakistani issuer in over 10 years. Following the offering, MCB will be the first Pakistani company to be listed on the LSE for trading on the Professional Securities Market.

NBP plans GDR issue

President National Bank of Pakistan Syed Ali Raza has said the bank has planned to issue global depository receipts (GDR).

Talking to journalists at an Iftar party on Tuesday, he said the amount and timing of the GDR would be decided by the government, keeping in view the market conditions.

However, he categorically said the amount raised through the GDR would not be used to meet capital requirements, but would be spent on expanding the bank’s activities.

Replying to questions, he said the bank had estimated annual loan requirement under the President’s Rozgar Scheme at Rs7-10 billion and the “bank is fully geared up to meet this challenge.”

Govt to float GDR of three banks

The government is considering floating Global Depository Receipts (GDRs) of shares of three banks – Habib Bank, United Bank and National Bank – and a power generation company in the international market.

These will be followed by an international GDR offer of 10-15 per cent shares in state-owned Oil and Gas Development Company (OGDC) on the London Stock Exchange.

Federal Minister for Privatisation and Investment Zahid Hamid was speaking in an interview with a UK-based daily Financial Times, a press statement said.

Zahid Hamid said: “This (OGDC offer) will give us access to international capital markets. It will not only enhance the country’s profile but also help in the OGDC’s transformation”.

Governmentt plans foreign share listings

Pakistan is considering four more firms, including three banks, for foreign listings through the issuance of global depository receipts in the current fiscal year ending June 30 2007, a senior government official said on Thursday.

The government has already announced plans to list the Oil and Gas Development Co. Ltd. (OGDCL) on the London Stock Exchange by December.

Last week private MCB Bank Ltd, the country’s second largest listed bank, also announced it was planning a GDR sale in London worth up to $150 million. The pricing of the issue is expected on October 9.

MCB Bank plans $150m GDR

MCB Bank Ltd, Pakistan’s second-largest listed bank, said on Thursday it was preparing a global depository receipt (GDR) sale in London worth up to $150 million.

MCB, which ranks behind National Bank of Pakistan on the Karachi Stock Exchange (KSE) with a market capitalisation of about $1.9 billion, will start pre-marketing the offer later this month.

That timetable could beat to the market a potentially larger London issue by Oil and Gas Development Company Ltd (OGDCL), which plans to list between 10 and 15 per cent of the $9 billion oil firm as a GDR by the end of the year.