The Quarterly O c t o b e r  -  D e c e  m b er   1 9 9 8
Financial News
SOLIDERE signed in December a US$100 million syndicated loan agreement, with Banque de la Méditerranée Investment Bank s.a.l. as agent, and Arab Bank p.l.c., Banque Audi s.a.l. and Méditerranée Investment Bank s.a.l. as co-arrangers and lenders.

SOLIDERE is finalizing the corporate and financial structure for investment in the souks department store and entertainment center. Memoranda of understanding are being signed by the Company with a number of Lebanese and Arab Gulf investors participating in the projects.

Performance of the shares during the 3rd quarter

SOLIDERE shares started the quarter unchanged as trading activity remained dull in the Beirut Stock Exchange. Deadlocked at their levels for the first two months, they suddenly dropped back beginning December on low volume to their US$10 par value. The shares quickly recouped most of their lost ground, however the rally fizzled quickly and the shares moved down again, reaching US$97/8 on December 21 on an extremely low turnover. Being highly undervalued at these levels, they rebounded persistently during the following days. Share A closed the quarter at US$103/4, 2,4% above the previous quarter closing, while share B was at US$11, same as the previous quarter closing price.