Investor Relations - FAQs
What is the Company’s registered name, address and number? When was Solidere incorporated and IPO’ed? How long is the duration of the Company? Can there be an extension to the duration of the Company? What is the liquidation process in case of Company dissolution? Where are SOLIDERE shares listed? What is the CUSIP number of Solidere Depositary Receipts? What is the DR to Ordinary Share ratio? Who is Solidere’s depository bank? What is the ticker symbol for Solidere? What is the difference between the A and B shares? Can foreign nationals buy shares in Solidere? What is the stock ownership limit in Solidere? On which accounting standard are the consolidated financial statements of SOLIDERE based?
What is the Company’s registered name, address and number?
The Lebanese Company for the Development and Reconstruction of Beirut Central District s.a.l. (SOLIDERE)
Building 149, Saad Zaghloul Street,
P.O. Box 119493 Beirut 2012 7305, Lebanon
+961 1 980650 - +961 1 980660
Commercial Register Number: 67000
When was Solidere incorporated and IPO’ed?
Solidere was incorporated and IPO’ed in May 1994.
How long is the duration of the Company?
The Company's duration, as amended by virtue of Decree No. 15909 dated Dec 9, 2005, was extended from 25 to 35 years starting from the date of final incorporation (May 10, 1994).
Can there be an extension to the duration of the Company?
The Extraordinary General Meeting may decide at any time, pursuant to a request by the Board of Directors, to extend the Company's duration beyond the time determined in the present Articles of Incorporation.
Such resolution shall only take effect after its approval by Decree adopted by the Council of Ministers.
What is the liquidation process in case of Company dissolution?
Please refer to Chapter 10 of the Company's Articles of Incorporation for details.
Where are SOLIDERE shares listed?
SOLIDERE shares are listed on:
• The Beirut Stock Exchange as of September 1996 (following the compulsory suspension in 1983, the BSE was re-launched on January 22, 1996)
• The London Stock Exchange in the form of Global Depository Receipts (GDRs) based on “A” shares as of November 1996.
What is the CUSIP number of Solidere Depositary Receipts?
The CUSIP number for DRs which trade over-the-counter in the US under Rule 144A is 522386101
The CUSIP number for DRs which trade on the LSE under RegS is 522386200
What is the DR to Ordinary Share ratio?
DR to Ordinary Share ratio is 1:1
Who is Solidere’s depository bank?
Bank of New York Mellon
BNY Mellon Depositary Receipts
101 Barclay Street, 22nd Floor
New York, NY 10286
Tel: + 1 212.815.2136
What is the ticker symbol for Solidere?
Solidere A shares on the Beirut Stock Exchange trade under the ticker symbol SOLA
Solidere B shares on the Beirut Stock Exchange trade under the ticker symbol SOLB
Solidere GDRs on the London Stock Exchange trade under the ticker symbol SLED
What is the difference between the A and B shares?
"A" and "B" shares have the same legal and financial rights and obligations.
• "A", amounting to 100M shares made up the contribution in kind to the paid-in capital of SOLIDERE.
• "B", amounting to 65M shares made up the cash contribution.
Initially, “A” shareholders were given the option to recuperate their properties in exchange of surrendering said shares back into the Company.
That option is no longer available.
Can foreign nationals buy shares in Solidere?
Yes, foreign nationals can buy shares in Solidere.
What is the stock ownership limit in Solidere?
As per the company’s by-laws, no shareholder, whether he be a natural person or body corporate, may directly or indirectly own more than 10% of the Company’s capital. The spouse and minor descendants of the shareholder are considered as one person.
On which accounting standard are the consolidated financial statements of SOLIDERE based?
The consolidated financial statements of SOLIDERE are prepared and audited in accordance with International Financial Reporting standards (IFRS).
Who are Solidere’s financial auditors?
Deloitte & Touche and Ernst & Young.
On what basis are revenue transactions for Land and Real Estate sales recognized?
Revenue on Land and Real Estate sales transactions is recognized on the basis of the full accrual method when the following conditions are met:
• A sale is completed and contracts are signed
• The buyer has deposited a minimum of 25% of the sales price
• A transfer of title for the property is accomplished, and SOLIDERE does not have any substantial continuing involvement with the Land or Real Estate in subject.
How is cost of sales for land calculated?
Cost of land sold is determined on the basis of the built up area (BUA) on the sold plots based on the terms of the sales agreements. The cost of one square meter of BUA is arrived at by dividing, total estimated cost of the land development project over total available BUA after deduction of the BUA relating to recuperated properties and those relating to the religious and public administrations.
What is BUA?
BUA or Built up Area is the permitted right to build in square meters.
What is SOLIDERE’s relationship with SOLIDERE International?
During the first half of year 2007, SOLIDERE established SOLIDERE International Holdings sal (SIH) which in turn established SOLIDERE International Limited (SI) in the Dubai International Financial Center (DIFC).
As agreed upon, SOLIDERE transferred to SI all the projects that it was pursing outside the Beirut Central District boundaries; in addition, SOLIDERE granted SI the right to use the SOLIDERE brand name through a license agreement and a non- compete right.
As of 2012, SOLIDERE owns 39.05% of SI.
Where can I find the most recent set of financial results?
You can find the most recent financial statements here.
Where can I find the most recent annual report?
To download the most recent annual report, please click here.
To request a hard copy of the most recent annual report, please click here.
Is it possible to pay my dividends directly into my bank account?
Yes, you can have your dividends paid directly into your bank account. Kindly contact Treasury for details.
Who should I contact if I change my name or address?
Please contact Treasury for any change in name or address.
What happens if a Solidere shareholder has passed away?
The inheritor shall declare to the Ministry of Finance to pay the relative resulting tax, and then submit payment documents along with religious court documents to Treasury at Solidere who in turn will distribute the shares accordingly.
I am acting as executor for a shareholder – what action do I need to take?
No action needs be taken. Your authority is limited to the content of the proxy.