Globe Telecoms $100 million Philippine depositary receipt PDR issue was completed via Morgan Stanley Dean Witter yesterday, but fell short of initial hopes for a deal from that country that could blaze a trail for others.
Nonetheless Globe succeeded in offering 6.4 million new PDRs in a horrible macro environment a considerable achievement. The Philippines has been among Asias worst performers this year thanks to volatile politics, charges of heightened cronyism and being sidelined by index providers. Globe achieved its goals of allowing foreign fund managers access to owning Globe stock and to raising money for its capital expenditure requirements. A MSDW official says investors were impressed by the companys...
