Byblos Bank to delist GDRs from London Stock Exchange on low trade

Byblos Bank said it has applied to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) due to low trading volumes.

Given the limited liquidity of the GDRs, the costs and administrative burden of maintaining the listing and trading are disproportionate to the benefits, the bank said.

The delisting will take effect at the end of the current month.

The bank’s shares represented by the GDRs will continue to be listed and traded on the Beirut Stock Exchange.

The bank said it is not terminating its GDR program and that all GDRs will remain outstanding.

BLOM Bank and Bank Audi also have listed GDRs on the LSE.