26 Oct 2020 08:40
Intended Delisting from the International Order Book of the London Stock Exchange
BEIRUT, 23 October 2020 - BLOM Bank SAL (the "Bank") announces that it has applied for the withdrawal of the its Global Depositary Shares (the "GDSs") (ISIN: US0936881095; trading symbol: BLBD) from trading on the International Order Book of the London Stock Exchange with proposed effect from 24 November 2020.
1 Reason for the Delisting
Lebanon is undergoing severe financial, economic and fiscal crises, which has had a significant adverse effect on Lebanese banks, including the Bank. The Bank believes the extreme uncertainties for the Bank and its shareholders resulting from this situation are incompatible with the maintenance of the listing of the Issuer's GDSs on the International Order Book. In addition, given the low volume of GDSs traded on the International Order Book and the limited liquidity thereof, the costs and administrative burden of maintaining the listing are disproportionate to the benefit thereof. The Bank also intends to simultaneously remove the GDSs from the Luxembourg Stock Exchange's EuroMTF market. The GDSs and the shares underlying the GDSs will continue to be listed and admitted to trading on the Beirut Stock Exchange.
2 Continuation of Listing on the Beirut Stock Exchange
The GDSs and the underlying shares of the Bank represented by the GDSs will continue to be listed and traded on the Beirut Stock Exchange.
3 Global Deposit Receipt Programme
The Bank is not terminating its Global Deposit Receipt Programme. Accordingly, following the delisting from the Luxembourg Stock Exchange and the International Order Book of London Stock Exchange, all GDSs will remain outstanding.
For further information, contact Investor Relations:
InvestorRelations@blominvestbank.com
+961 1 729 254