VOL. XXXIX No. 62 2-December-1996LEBANON

Solidere Issues $77Mn In GDRs A $77mn issue of global depositary receipts (GDRs) by Solidere, the company charged with the reconstruction of central Beirut, was substantially smaller than analysts had been expecting. The 6.7mn GDRs were offered at $11.50 each instead of the $115-125mn that the market had been expecting (MEES, 4 and 11 November). The issue was oversubscribed at $140mn, but not by as much as other recent issues emanating from the...