Solidere to delist its GDRs from London Stock Exchange. Listing costs outweigh low trading volumes

Solidere said it has asked to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) effective June 29, 2017, due to low trading volumes.

Given the GDRs limited liquidity, the costs and administrative burdens are disproportionate to the benefits that could be derived from keeping them listed, the real estate company said in a statement.

The GDRs, which represent Solidere's 'A' shares, were listed on the LSE in 1996.

The 'A' shares will remain lis...

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Emirati Mohamad Alabbar acquires large stake in MEVP. Non-controlling share is less than 50 percent

Emirati Mohamad Alabbar, founder of Emaar Properties, has acquired a stake in Middle East Venture Partners (MEVP). Alabbar's acquisition is just under 50 percent.

"Alabbar had been looking for a VC partner who knows the technology ecosystem and approached us," the company said.

The VC firm has $120 million in assets spread over four funds, two locally, and two regionally.

MEVP and AlAbbar plan to invest in a new fund that will be launched here and regionally later this ye...

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470 financial crimes reported Special Investigation Comm.. Cases of terrorism financing up 70 percent

The Central Bank's Special Investigation Commission (SIC) said it received 470 cases related to financial crimes last year, up nine percent compared with 2015.

The number of crimes reported by local sources totaled 363. The remaining 107 cases were submitted by foreign sources, according to SIC's 2016 annual report.

With 140 cases, embezzlement of private funds continues to be the most reported crime. This kind of crime increased 40 percent compared with 2015.

Forgery rank...

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Cedrus Invest Bank client implicated in insider trading. Bank not named as defendant

The United States' Securities and Exchange Commission (SEC) has filed a legal case against unknown defenders, including a customer of Cedrus Invest Bank, on suspicions of insider trading in call options. The Cedrus client has realized a potential profit of around $527,000, according to SEC.

Contrary to rumors and actual brief by the SEC, The Chairman of Cedrus, Fadi Assali, said that the bank has nothing to do with this issue and will not be affected by it. The deal involves the customer ...

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Scale-up program to launch at UKLTH. Venture building accelerator program launched, Beirut Innovation Week confirmed

The UK Lebanon Tech Hub (UKLTH) will launch a scale-up program in September. The program will follow on from the venture accelerator program, The Nucleus, which was launched last week. Dimitri Papadimitriou, Acting Director of UKLTH, said the scale-up program is unconnected to The Nucleus.

"The scale-up program is still a work in progress. We are currently working on the program's branding aspects. Details of the program will be publically announced in the coming months," he said.
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