MCB Bank with its Global Depository Receipts (GDR) of worth $150 million has been delisted from London Stock Exchange, according to its recent stock filing.
According to an informed official, MCB Bank has voluntarily delisted from the London Stock Exchange based on the bank’s decision to cancel its Global Depositary Receipt (GDR) programme at the bourse.
MCB Bank Limited intended to cancel its Global Depositary Receipt program with effect from May 26th, 2017.
In compliance with regulation 5.2.8 of the listing regulations, MCB Bank Limited has applied to Financial Conduct Authority for cancellation of GDRs and has been delisted from London Stock Exchange, he said.
In October 2006, MCB Bank’s GDR was formally listed at the London Stock Exchange, making it the first company from Pakistan to be listed on one of the world’s most prestigious and oldest exchanges. The formal market opening for MCB Bank GDRs was held at the London Stock Exchange.
MCB succeeded in issuing 8,622,100 Global Depository Receipts (GDR), worth $150 million, to international institutional investors. The historic event culminated in the first GDR offering for a Pakistani issuer in over 10 years and made MCB Bank the first Pakistani company to be listed on the London Stock Exchange. The GDR issue attracted over $700 million from over 50 investors globally.
The overwhelming response from the fund management community in the issue signifies investors’ confidence in the bank’s management and highlights its impressive performance metrics, even on a global scale. It also resulted in significant improvement in portfolio flows in the country. Additionally, it has put Pakistan’s capital markets back on the radar for many international investors.