|NEWCOMERS to the CITY CENTER|
Aïshti boutique held its grand opening on December 7. The new department store is situated at 71 Moutran street. More than 50 well-known brands are available on four floors, covering cosmetics, jewellery, menswear, ladies fashion, shoes, accessories, children's wear, lingerie and sportswear. Two upper floors, expected to open in March 2002, will include a restaurant and a beauty treatment spa.
Other retail openings
Moving in soon
Parsons Brickerhoff engineers and planners, headquartered in New York, have moved their Lebanese operations to Astral building Maarad street.
Other newcomers include: Lido Master, representing Universal for music, at 157 Saad Zaghloul street; Fidus financial services at 1166 Riad El Solh Street; Siemens at 200 Hussein El Ahdab street; Intermarkets advertising at 201 Maarad street; and Pharaon Holding at Asseily building, Riad El Solh Square.
Solidere published its audited half-yearly financial statements. The results show a loss of US$4.3 million, mostly due to delays in closing sales, as the impact of decree 5714 of June 19, 2001 amending the master plan had not been felt by mid-year. Sales revenues were US$9.5 million, rental revenues US$4.8 million. Despite the poor results, the Company fulfilled its financial commitments, including a debt repayment of US$11 million. The Company expects to have substantially improved results by year-end.
The quarter started with a worsening of the downward drift after the US events. By end October, share A moved back to its low of US$4 and share B reached a new low of US$37/8. November witnessed a reversal and the positive mood was boosted beginning December by two large Special Orders: 500,000 A shares and 500,000 B shares were traded off the market floor at a US$5 price.
Share A closed the quarter at US$45/8, 2.8% higher than the previous quarter. Share B closed slightly upbeat, also at US$45/8, 2.8% above the previous quarter.
Trading activity turned higher, with around 1,975,550 shares exchanging hands.
The GDRs, which are traded in the London Stock Exchange, also moved higher during the quarter, closing at $43/8.