Bank Audi shares drop slightly on $22 million trade

Bank Audi in downtown Beirut, Monday, March 10, 2014. (The Daily Star/Hasan Shaaban)

BEIRUT: Over $22 million worth of Bank Audi GDR shares were traded Monday, with the price of the share falling by 1.68 percent to $6.40.

According to the Beirut Stock Exchange daily bulletin, 3,509,105 Global Depository Receipts valued at $22,469,681 changed hands.

The volume and value of the Bank Audi shares are quite high for the usually dormant stock exchange.

Bank Audi refused to identify the investor behind the transaction.

“Well, maybe the investors are attracted by our shares because they are undervalued,” a Bank Audi official told The Daily Star.

One broker suggested that Mario Saradar, who recently quit Bank Audi’s board of directors, might have sold some of his shares in the bank.

“Mario Saradar has a 6 percent share in Audi. He probably sold part of his shares,” the broker said.

Saradar, who is now the president of the Near East Commercial Bank, was not available for comment.

Sources say Saradar will eventually sell all his shares in Audi and inject the money into NEC or other businesses in Lebanon.

Meanwhile, Solidere A and B shares rose by 3.76 and 4.08 percent respectively.

A version of this article appeared in the print edition of The Daily Star on March 18, 2014, on page 5.




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