VOL. XL

No. 9

3-March-1997

EGYPT

Al-Ahram Beverages In $87.6Mn GDR Issue

The al-Ahram Beverage Company, currently Egypt's only brewer, issued $87.6mn of Global Depositary Receipts (GDRs) in a two-for-one share swap on 25 February through the London Stock Exchange. The offer was lead-managed by HSBC James Capel and was 7.5 times oversubscribed. The Luxor Group bought 75% of al-Ahram in November 1996 for E231mn ($68mn), paying E68.50 ($20.26) per share (MEES, 10 February) and has now disposed of...