lucky-cement-prices-gdrs-at-9-discount

Lucky Cement prices GDRs at 9% discount

Pakistan's largest cement producer raises $109 million after corrections in the stockmarket and the value of the local currency conspire to reduce the anticipated deal size.
PakistanÆs largest cement producer, Lucky Cement, has brought proof that international investors have not lost interest in Pakistan after the political unrest in the second half of last year. Sure, the demand for the companyÆs inaugural issue of global depositary receipts GDR, which was priced early yesterday, was not as overwhelming as for the three GDRs by Pakistani issuers in the fourth quarter of 2006 and last year, but it was solid enough û especially in light of the volatility that continues to hamper equity markets across Asia and which is still making investors hold a large portion of their assets in cash.

The GDR attracted more than 40 investors and about $290...
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