First GDR offering from Pakistani bank is also first GDR from Pakistan in over 10 years
HONG KONG – LAWFUEL – Legal News, Legal Jobs – Allen & Overy advised MCB Bank Limited on a US$150 million offering of ordinary shares, represented by Global Depositary Receipts (GDRs) which were listed on the London Stock Exchange. This is the first Pakistani company to list on the LSE, and is also the first Pakistani bank offering GDRs. The offering comprised 8.6 million GDRs (each accounting for four ordinary shares), and is the first GDR offering to originate from Pakistan in over a decade. Merrill Lynch International acted as lead manager, sole bookrunner and global coordinator.
The Allen & Overy team was led partner by Thomas Jones and consultant James Grandolfo, assisted by associates Josh Schwab and Melody Chu.
Commenting, Thomas Jones said: “We are pleased to have been a part of this ground-breaking offering which involved numerous legal and procedural intricacies as the first Pakistani company to list on the LSE as well as the first major international equity deal out of Pakistan in over a decade.” James Grandolfo added: “This was an extremely important transaction for MCB and for Pakistan. Our work on Pakistan’s recent sovereign debt issuances as well as on the MCB transaction show our commitment to this increasingly important market.”
For further information, please contact Lucy Haslewood (lucy.haslewood@allenovery.com) on +852 2974 7032 or Yvonne So (yvonne.so@allenovery.com) on +852 2974 7091 in Hong Kong or Sarah Fitzpatrick (sarah.fitzpatrick@allenovery.com) on +44 20 3088 2395 in the UK.
