VOL. XL

No.24

16-June-1997

EGYPT

MIBank GDR Offer Nears

Banque Misr will sell a 20% stake in Misr International Bank (MIBank)through a long-awaited Global Depositary Receipt (GDR) offer, diluting its share in thebank to 28.8% as part of a revived Egyptian privatization drive. The GDR issue a mechanismby which an overseas company has proxies of its shares issued in an international stockexchanges (MEES, 4 November 1996) is being joint-lead managed by Merrill Lynch andNomura, and is currently on...