I heard that Esterad has announced that it is withdrawing its BD 7 million (US$18.6 million) convertible bond offer and that the Collecting Bank (BBK) will be returning subscription funds to investors. I didn't see anything in the Bahraini press, though to be candid, I did not do an "e" - search.
Earlier Esterad had extended the period for subscriptions saying that several institutional investors had asked for more time to complete due diligence. At that time, I took that to be a strong indication of less than robust demand.
There should be something in the press tomorrow (meaning Sunday's paper) or an announcement at the BSE so until then treat this as a market rumor.
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