In a notable move, earlier this week, Byblos Bank announced that it has officially applied to cancel the listing and trading of its Global Depository Receipts (GDRs) on the London Stock Exchange (LSE), effective July 30th 2020. The bank attributed its decision mainly to the costs of maintaining the GDR listing on the LSE which outweighed the GDR’s “limited liquidity”. Nonetheless, the bank emphasized that it is not terminating its GDR Programme noting that the GDRs will remain listed and traded on the Beirut Stock Exchange (BSE). Thus, all Byblos GDRs will remain outstanding post-LSE delisting.
In other news, Byblos Bank’s Board invited their shareholders to the annual general assembly meeting which was scheduled at 09.30 am for Tuesday July 28th 2020 at the bank’s headquarters in Ashrafieh. The main items on the agenda of the assembly are:
Source: BSE, Byblos Bank