mcb-bank-launches-rare-pakistan-gdr

MCB Bank launches rare Pakistan GDR

The high quality bank from a little explored country attracts a lot of interest, and sees its market cap surge to $2.3 billion on demand from international investors.
MCB Bank, formerly known as Muslim Commercial Bank, early Wednesday morning completed the first equity deal from the private sector in Pakistan in more than 10 years and it did so in style.

Not only did the countryÆs largest private bank attract $700 million worth of demand for its $150 million GDR issue, but the information provided during its four weeks of premarketing and roadshows also prompted a wave of buying into its Karachi-listed shares, which subsequently spilled over into other Pakistani banks.

According to official data, September saw $80 million of foreign cash flowing into the stock market - the highest monthly inflow ever û and 90% of that supposedly went into the banking...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222