No 49



Bank Of Beirut Raises $55Mn In Preferred Shares

Lebanons Bank of Beirut has sold $55mn in preferred shares to investors mainly from Lebanon, but also from the Gulf. The shares were sold at $11 each, carrying a fixed annual dividend of 8%, a bank official announced on 2 December. Demand was greater than expected as a result of the improved market sentiment in the wake of the Paris II donor conference, which pledged some $4.4bn in aid to Lebanon. The share...