San Paulo global offer raises $1.6bn

Article Abstract:

A second share offer has been completed on Italian bank Istituto Bancario San Paolo di Torino, with the global offering raising around $1.6 billion in total. Local government foundation Compagnia di San Paolo's stake has now been reduced to a little more than 20%. The number of shares sold reached 253 million, compared with applications for 760 million. Bank employees have been allocated 20 million shares. Institutional investors will not receive as many shares as anticipated. The local government foundation which owns savings bank Cariplo of Milan, Italy, plans to sell around 70% of the bank's equity.

Savings Institutions, Savings institutions, except federal, Private Savings Banks, Italy, Savings banks, Istituto Bancario San Paolo di Torino, Cariplo

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Uganda Commercial Bank for sale

Article Abstract:

The government of Uganda will provide the $68.6 million which debtors currently owe to Uganda Commercial Bank before a 51% stake in the bank is sold. The remaining 49% stake in the bank will be offered later to Ugandan investors. The government is also hoping to make progress shortly with the sale of 51% of Coffee Marketing Board Ltd, for which Swiss concern Sucafina was the only bidder. Other privatisation plans in various African countries are also discussed.

Fruits and tree nuts, not elsewhere classified, Coffee Beans, All Other Miscellaneous Crop Farming, Coffee (Plant), Uganda, Coffee Marketing Board Ltd., Uganda Commercial Bank

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Record subscription for Iceland public offers

Article Abstract:

Iceland has finally gotten its privatization program under way, with much progress having been made in the banking sector. The December 1998 initial public offering of Bunadarbanki Islands (Agricultural Bank of Iceland) shares had a record subscription level. Almost 90,000 individuals, about a third of the country's inhabitants, participated in the subscription. Other banks' share offerings are discussed.

Asset sales & divestitures, Government domestic functions, Iceland, Bunadarbanki Islands

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