BDO GDRs List on London Stock Exchange
January 30, 2006
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Banco de Oro Universal Bank (BDO) and SM Investments Corporation (SMIC) jointly announced the listing
of Global Depositary Receipts (GDR) representing BDO shares, amounting to US Dollar 100 Million,
on the London Stock Exchange (LSE) beginning 26 January 2006. Aside from being the first Philippine company
to tap the international capital markets in 2006, the BDO GDRs also represent the sole Philippine issue currently
listed on the LSE.
The GDR offering attracted strong interest and orders from international investors globally,
with 41% of the GDRs placed to investors in the United States of America, 32% to investors in Europe
and the remainder to those in Asia. The GDR offering achieved several objectives, including the
facilitation of greater foreign investor participation and the raising of proceeds for SMIC to support
BDO's future acquisitions and growth.
Subsequent investor demand for the GDRs has driven up the price of the GDRs to above its offering
price in the "grey market". Priced at US$12.70 on 19 January, the GDRs have since appreciated
in price by approximately 4%.
"The success of this GDR offering reaffirms international investors' confidence in the BDO team
and the strategy that they are undertaking" said Mr. Jose Sio, Chief Financial Officer of SMIC.
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