VOL. XLI

No. 23

8-June-1998

LEBANON

Solidere Postpones GDR Issue

The Lebanese equity market received a blow last week with the news that Solidere, theLebanese private sector company which is rebuilding central Beirut, has opted to postponea $65mn Global Depositary Receipt (GDR) issue. The company canceled the issue - to belead-managed by US investment bank Merrill Lynch - citing adverse market conditions afterroadshows in Europe and the US. No other date has been set for the launch and bankers...