Abu Hend said that GDRs
have--again--become a gateway for repatriating funds among Egyptian investors even though the Egyptian Financial Supervisory Authority imposes restrictions on Egyptians receiving proceeds of sales in foreign currency and encourages them to receive proceeds in Egyptian pounds.
The offer period for Damac shareholders to swap GDRs
for new shares opened on 30 July and was initially due to close on 2 September but it has subsequently been extended and is now open until 24 September.
The company did not mention at what price it sold them, but based on the weighted average price of a Novatek GDR
during the period, the proceeds could have amounted to USD3.7m (EUR2.7m), Interfax said.
This closure is said to mean that all new issuances of GDRs
will be temporarily stopped until a new UKLA prospectus is filed for additional shares.
"This is the largest Romanian IPO ever and the first Romanian privatization to include GDRs
which will be traded on the London Stock Exchange," said Christopher M.
Based on our estimates, the fair value of IGSS is $592mn, or $57 per GDR
. The spinoff coefficient implies that Integra's GDR
holders will receive the equivalent value of $1.14 per GDR
The company stated that it expects that all remaining conditions to the placing will be satisfied, and that the closing of the placing and admission of the GDRs
to the Official List of the United Kingdom Financial Services Authority - and admission to trading of the GDRs
on the main market of the London Stock Exchange - will occur on September 15.
The Egyptian Stock Exchange (EGX) is studying the possibility of allowing Egyptian investors to obtain sale proceeds of Global Depositary Receipts (GDR
) in dollars as well as the double-entry stocks registered in foreign markets, EGX Chairman Mohamed Omran said.
Investors would get around 23.08 shares per GDR
. They have until 2 September to decide on the offer, the developer said in a statement to the LSE on Wednesday (30 June).
Novatek will repurchase shares and GDRs
through its unit Novatek Equity (Cyprus) Limited.
A 36% part of the 15% IPO 5.4% of the firm's stocks was divested under a GDR
mechanism in London at a price of USD 9.25 per GDR
Independent oil and gas company Zhaikmunai LP (LSE: ZKM) announced today that, in accordance with the authority granted by its limited partners at the partnership's General Meeting on 28 March 2013, it has purchased 56,433 of its Global Depositary Receipts (GDRs
) through Deutsche Bank AG during the period 20 May 2013 through and including 25 May 2013.