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:
- To examine the general and special reports of the Board and the auditors and to approve the bank’s financial statements for the year ended 31/12/2019 and allocate the results.
- To authorize board members to carry out all operations described in the above reports during 2020, in accordance with article 158 of the Code of Commerce and article 152 of the Code of money and credit.
- To elect a new BoD.
- To discharge the Chairman and Board members for their administrative duties during 2019.
- To agree on the remuneration of the Board members and auditors for the year 2020.
- Miscellaneous issues.
Source: BSE, Byblos Bank