Home » Economic Digest » Ciments Blancs Gradually Complies with BSE’s Required Actions: Converting Bearer Shares to Nominal in June 2017
Ciments Blancs Gradually Complies with BSE’s Required Actions: Converting Bearer Shares to Nominal in June 2017
In compliance with the Central Bank’s circular #411 related to cancelling bearer shares in Lebanon, and in reference to the Beirut Stock Exchange’s (BSE’s) list of required action on the process:
- Ciments Blancs (CB) announced that 19/06/2017 is the start date of transforming its CB bearer shares into nominative shares.
- CB also published the information on the transformation process on their website, in the Official Gazette, and in 3 local papers, as per the BSE’s required actions.
- CB held an Extraordinary Assembly on Feb. 27, 2017 which summarized the legal conditions of the transfer as required by BSE. It also amended clauses of its internal laws as required.
- The transfer will be executed by the financial institutions (FIs) through Midclear and in coordination with the BSE.
- CB Bearer shares will continue to trade on BSE until 3/11/2017 as two independent instruments, after which the BSE will block trades on CB (Bearer shares) until they are converted into Nominative shares.