Omran said the EGX will step into GDRs
conversion process once companies hit the minimum percentage of free float shares in the capital market set at 5% of the capital.
However, it recently revealed plans for a second listing on the Dubai exchange, offering just over 23 shares in Damac for each of the GDRs
31 December 2013 - Russian gas producer Novatek OAO (MCX:NVTK) said today that a wholly-owned unit had sold 27,000 company GDRs
as part of a share-based compensation and incentive programme.
The bank added that this will not affect trading of CIB GDRs
where all GDR
holders are able to trade and cancel freely.
The admission of IGSS's GDRs
for an LS E listin g should take place in the second half of November, as per the company's guidance.
Yesterday, Pharmstandard announced a buyback of up to 1.85mn of its own local shares (4.9% of total shares outstanding) at RUB 3,000/share (USD 100, or USD 25 in GDR
The total value of the company's Global Depositary Receipt (GDR
) offering in London was $174.7 million, and was made alongside an Ordinary Share offering on the Bahrain Stock Exchange, raising a total of approximately $339 million.
The firm stated that Kazakh authorities have confirmed to Zhaikmunai that they don't plan to exercise their priority right to purchase the GDRs
Egypt has about 14 companies which own GDRs
, including the Commercial International Bank (CIB), Telecom Egypt, EFG Hermes, Ezz Steel, Global Telecom Holding, and Orascom Telecom Media and Technology Holding (OTMT).
Damac listed in London last December at $12.25 per GDR
. The GDRs
closed at $16.09 there on Wednesday.
COMMENT: The exchange of GDRs
would slightly increase the PLGL's investment attractiveness.