DR NEWS
Grupo Clarín, Argentina’s largest media conglomerate, listed its depositary shares on the London Stock Exchange last month, making it the first company based in Argentina to have a DR listing on the exchange. The global depositary share program was launched in conjunction with the company’s initial public offering, which raised $462 million.
Grupo Clarín is expanding in Argentina, where it recently bought control of Cablevision to build the biggest cable network in the country. The company plans to spend $500 million through 2010 on digital channels, broadband infrastructure and voice services. The market leader in Internet access, printing and publishing, as well as broadcasting and programming, Grupo Clarín publishes the Diario Clarín newspaper, which has the highest circulation in Latin America.
In other DR news, JPMorgan launched a sponsored GDR program for Eurasia Drilling, a Cayman Islands-based company that provides drilling services to oil and gas companies operating in the Caspian Sea area. The company raised $719 million via Rule 144A and Regulation S GDR offerings.
JPMorgan also launched an ADR program on Nasdaq for CNinsure in conjunction with the company’s $216 million IPO. The Cayman Islands-based company operates an independent insurance agency and brokerage in China.
Brazilian mall operator BR Malls raised $37 million in a secondary GDR offering using Rule 144A and Regulation S.
Gordon Platt
