The Euro DR facility supplements ABC's existing US dollar global depository receipt (GDR) facility which was established in February 1997.

This is the first listed dual currency Euro, US dollar depository receipt facility for an Egyptian company and only the second such facility for any company.

It may be recalled that Bankers Trust set up the first such facility for Zagrebacka Banka in December 1998.

ABC, which has been selling beer in Egypt since 1897, is the sole Egyptian brewer of both alcoholic and non-alcoholic beer, with a market share of approximately 90 and 95 per cent respectively. ABC has also entered into three major international alliances, including production and distribution agreements with Danish brewer Carlsberg, Irish brewerGuinness and US soft drinks producer RC Cola. ABC is also publicly listed on the Cairo Stock Exchange.

``Having pioneered this structure late last year we are delighted to be part of this important development for middle eastern companies. These facilities effectively open up a new and more convenient way for investors throughout the Euro zone to purchase and trade emerging market securities in their own base currency,'' said Mike Hughes, product manager of Bankers Trust.

``We are also expecting some interesting developments in the DR market as a result of EMU,'' he added.

The depository receipts are eligible for settlement through Cede, Euro clear and depository trust company.

Bankers Trust Corporation is the seventh largest US bank holding company, with assets over $156 billion. Bankers Trust Company is its principal subsidiary.

Bankers Trust Company is one of the four main depository banks for ADRs, GDRs and other types of depository receipts. It currently administers over 220 programmes forissuers in more than 35 countries.