Byblos Bank to offer shares-to-GDR swap

BYBLOS BANK: Lebanese Bank says shares swap in the offing. (Getty Images)

Lebanon's Byblos Bank said on Saturday it will give common shareholders the option to exchange every 50 common shares they hold for one global depositary receipt (GDR).

The GDRs will constitute a maximum of 23 percent of the bank's common shares, the bank said in a statement to newspapers.

"We will do our best to list (the GDRs) in London and then in Beirut thereafter," said Yves Rahme, the head of the bank's equities unit.

Once there are GDRs, there will be more visibility for the shares and any international investor can buy them, and therefore increase our liquidity," he added.

Rahme said the deadline for shareholders interested in exercising that option free of charge is Feb. 13.

Byblos Bank reported a 23 percent rise in its 2008 unaudited net profit to $122.03 million.

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