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The Financial Economics of Privatization$

William Leon Megginson

Print publication date: 2005

Print ISBN-13: 9780195150629

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0195150627.001.0001

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Appendix 1: Sample Firms Privatized Through Public Share Offerings, 1961–August 2003

Appendix 1: Sample Firms Privatized Through Public Share Offerings, 1961–August 2003

Source:
The Financial Economics of Privatization
Publisher:
Oxford University Press

This table provides descriptive information for our sample of SOEs that were fully or partially privatized through a public offering of shares during the period March 1961 through the end of August 2003. The table documents basic information, such as date and size of the offering, and also documents whether it was an IPO, a seasoned issue, or a rights offering. Information about offering characteristics (primary versus secondary), geographic allocation, investor demand and initial return, and government policies and share ownership is also provided.

Initial Share Issue

Government % Share Capital

Fraction of Issue Allocated to

Company Name1

Issue Date

Issue Size ($US million)

Privatization Issue (Y/N)2

Fraction Secondary3

Before Issue

After Issue

Employees

Foreign Investors4

U.S. Investors5

Multi-Class (Y/N)

Other Restrictions (Y/N)

Special Share (Y/N)6

Times Issue Over Subscribed7

Initial Period Return8

Argentina

Telefonica de Argentina*

Dec 91

849

Y+

100

409

10

75

Y

Y

N

2.5

Telecom Argentina

Mar 92

1,050

Y+

100

3010

0

20

6

Mar 94

1,227

N

100

Yacimientos Petroliferos Fiscales (YPF)

Jun 93

2,660

Y

100

100

54.711

1012

75

46

Y

Y

Australia

Commonwealth Bank*

Jul 91

1,017

Y

0

100

70.25

3.613

014

0

N

Y15

N

3.5

Oct 93

878

N

100

70.25

50.35

Jul 96

3,100

N

100

50.4

0

Y

016

Government Insurance Office

Jul 92

1,766

Y

100

100

0

>1

36%

SGIO*

Mar 94

125

Y

100

100

0

Tabcorp*

Aug 94

504

Y

100

100

0

Qantas

Jul 95

1,07017

Y

100

7518

0

Telstra

Nov 97

10,530

Y

100

100

66.6

3.819

12

N

Y20

N

4.521

Oct 99

10,400

N

100

66.6

50.1

022

13.5

B

023

TAB

Jun 98

644

Y

100

90

0

024

N

heavily

7.3%

Austria

Austrian Airlines

Jun 87

73

Y

100

99.2

75

Jun 88

73

N

100

75

55

May 89

65

N

100

55

41

ÖMV Aktiengesellschaft*

Dec 87

117

Y

100

100

85

25

N

N

N

2

Vorarlberger Kraftwerke(VKW)*

Oct 88

56

Y

100

100

0

Verbund*

Nov 88

15325

Y

0

100

51

10.6

13.2

Y

Y

N

Energie-Versorgung Niederösterreich(EVN)*

Nov 89

125

100

Flughafen Wein*

Jun 92

162

Y

100

100

73

Jun 95

197

N

100

70.4

52.14

Voest-Alpine Eisenbahnsysteme*

Dec 92

Y

100

100

51

Nov 93

49

N

100

Nov 94

43

N

100

VA Technologie*

May 94

655

Y

100

51

0

60.0

Austria Mikro Systeme*

Jul 94

25

N

100

26

0

11.5

19.226

1.6%

Bohler Uddeholm*

Mar 95

165

Y

0

100

72.7

Apr 96

393

N

100

72.7

25

5

Austria Tabak

Nov 97

340

Y

100

100

5627

45

heavily

4%

Telecom Austria

Nov 00

853

Y

100

7528

4829

−7.7%

Belgium

Credit Communal de Belgique

Nov 96

1,100

Y

100

100

65.530

4

4.7%

Brazil

Usinimas

Oct 91

1,170

Y31

100

100

25

5.932

Petroflex*

Apr 92

222

Y

100

100

11

Copesul

May 92

839

Y

100

100

37

Goiás Fertilizantes*

Oct 92

National Steel Company

Apr 93

801

Ultrafertil*

Jun 93

206

Cosipa

Aug 93

586

Acominas

Sep 93

599

COPERBO*

Jun 94

Acrilinitrila do Nordeste (Acrinor)*

Jul 94

Petrobras

Aug 97

534

Y

100

Aug 00

4,030

N

100

79.2

55

6033

Embraer

Jul 01

750

N

100

100

4

Canada

Fishery Products International (FPI)*

Apr 87

134

Y

100

92

0

8.534

N

Y

N

Air Canada*

Sep 88

246

Y

0

100

57

25

N

Y35

N

6.3%

Jul 89

452

N

100

57

0

25

N

Y36

N

6.3%

Potash Corp. of Saskatchewan*

Nov 89

197

Y

100

100

63

60

40

Oct 91

745

N

Saskatchewan Oil & Gas*

Oct 90

129

Telus

Oct 90

835

Y

100

100

40

0

1.47

Nov 91

745

N

100

38

0

Petro Canada*

Jul 91

478

Y

0

100

80.5

637

14

7.1

N

Y38

N

Nov 92

198

N

0

80.5

70

N

Y

N

9.1%

Sep 95

1,170

N

100

70

20

20

20

Nova Scotia Power*

Aug 92

675

Y

Co-enerco Resources*

Mar 93

86

Y

100

100

68.5

Alberta Energy Comp.*

May 93

355

Y

100

100

Canadian National Railway

Nov 95

1,500

Y

100

100

60

39

10

Chile

CAP de Inversione*

Mar 85

8240

Y

0

100

53

N

Y

N

Telefonos de Chile*

Sep 90

89

Y+

0

100

75

Y

Y

N

>1

7.4%

China (P.R.C.)

Shanghai Vacuum Electronic Devise

Jan 92

78

Y

0

10041

Y

4.0

26%

Shanghai Tyre & Rubber

Aug 92

217

0

Brilliance China Automotive Holdings Ltd.42*

Oct 92

80

Y

100

91.5

65.2

10043

Y

N

N

26%

Shanghai Chlor-Alkali

Jul 93

217

Y

0

100

70

Yizheng Chemical Fibre

Mar 94

279

Dongfang Electronic

Jun 94

62

Y

0

Shandong Huaneng Power

Aug 94

337

Y

0

100

73

10044

Huaneng Power Intl

Oct 94

650

Y

100

75

100

50

Mar 98

142

N

0

Jilin Chemical Industrial

Jun 95

200

Guangshen Railway

May 96

442

Y

045

10046

7

Guangdong Tannery

Dec 96

14.6

0

0

100

600+

China Southern

Aug 97

631.1

Y

0

100

70

0

10047

93

2.5

3.7%

China Telecom

Oct 97

4,000

Y

100

100

75

0

95.548

10.7

N

30

−10.6%49

Oct 99

2,000

N

0

76

72

100

2

Nov 02

1,650

Y

0

100

90

95

9550

China Unicom

Jun 00

4,900

Y

0

100

75

Oct 02

1,400

N

0

Great Wall Technology

Aug 99

144

Y

100

90

Beijing Capital Intl Airport

Jan 00

462

Y

0

PetroChina

Apr 00

2,890

Y

10

100

90

100

−4.7%

China Unicom

Jun 00

4,900

Y

100

75

0

10051

Baoshan Iron & Steel

Dec 00

943

Y

0

052

27

46%

China National Offshore Oil Comp

Feb 01

1,400

Y

0

100

72.5

10053

3.2

+

Sinopec

Oct 00

3,470

Y

0

10054

4

−3%

Aug 01

1,400

N

0

160

3.3%

Unicom

Oct 02

1,400

Y

0

0

25%

Bank of China

Jul 02

2,800

Y

10055

−4.7%

Mass Transit Railway Corp (HKSAR)

Oct 00

1,380

Y

100

100

77

0

30 retail; 15 instit.

24%

Croatia

Pliva

Mar 96

142

56

100

10057

20

May 98

238

N

100

14

058

8659

0

1.2%

Zagrebacka Bank

Jun 96

25

60

100

61

10062

15

Czech Republic

Komercni Bank

Jul 95

85

Y

100

100

9663

May 96

50

N

100

94.7

91.5

0

67

33

Y64

Ceska Sporitelna

Jun 96

48.5

N

100

65

Ceske Radiomunikace

May 98

134

N

0

70

51

100

N

6

11.8%66

Denmark

Copenhagen Airports*

Mar 94

112

Y

100

100

75

3.767

80

N

Y

N

3.3

−6.1%

Tele Danmark AS*

May 94

2,894

Y

0

89.9

51

2.168

Y

Y

N

4

7.3%

Egypt

Nasr City Housing & Construction

May 96

53.7

Y

100

100

2369

6.7

0

71.0

Medinet Nasr Housing & Development Company

Aug 96

172

Y

100

100

25

Al-Ahram Beverages

Feb 97

52.2

N

0

75

0

070

95

7.5

21%

El-Nasr Clothing & Textile

Jun 97

57

Y

100

100

0

Yes

Estonia

Estonian Telecom

Feb 99

221

Y

100

100

76.3

85.8

Y

15

Finland

Valmet

Aug 88

188

Y

0

100

80

0

Y

14.5%

Rautaruukki

Jun 89

101

Y

0

99.3

86.8

22.7

0

Y

5

8.9%

Dec 93

66

N

15.6

86.8

81.1

0

15.7%

Outokumpu

May 89

78

N

0

60

57

11.1

0

Y

7

4.7%

Dec 93

148

N

0

57

50.1

2.5%

Finnair

Jan 95

74

N

0

71.5

62.2

70

2

Kemira

Oct 96

285

N

69

72.3

55

−1.1%

Fortum

Dec 98

573

Y

100

97.5

75.5

31

5

−5.13%

Jan 02

403

N

100

70

61

Sonera

Jan 99

1,400

Y

100

100

78.8

1.4

80.971

Oct 99

3,600

N

100

75.6

57.6

Mar 00

1,900

N

100

57.6

54.5

Nov 01

887

N

072

Stora Enso

Sep 00

N

100

Jun 02

238

N

100

France

Elf Acquitaine

Sep 86

493

Y

100

66.8

55.8

Y

Y73

4

11.2%

Jun 91

440

N

100

55.8

53.8

66.7

42.1

Y

Y

0%

Mar 92

367

N

100

53.8

51.5

35

Y

Y

3.22

0.56%

Feb 94

6,823

N

100

51

13

7.5

27

3

Nov 96

2,000

N

100

9.85

0.75

0

70+74

0

75

Saint Gobain

Nov 86

2,091

Y

100

100

0

2076

Y

Y

14

36.7%77

Banque Paribas

Jan 87

2,740

Y

100

100

0

20

Y

Y

4078

18.5%

Sogenal

Mar 87

250

Y

100

10079

0

Y

46

80.0%80

Banque de Batement et des Travaux Publics

Apr 87

67

Y

100

100

0

Y

65

20.8%

Banque Industrielle & Mobiliere Privee (BIMP)

Apr 87

60

Y

100

100

0

10

Y

29

27.1%

Credit Commercial de France

Apr 87

732

Y

100

100

0

10

20

Y

10.7

15.9%

Agence Havas

May 87

405

Y

100

40.3

0

Y

Y81

Y

20

8.0%

Compagnie Generale D'Electricite

May 87

1,927

Y

100

0

10

20

1.8

Y

10.3%

Societe Generale

Jun 87

3,577

Y

10082

100

0

10

16

Y

B

Television Francaise 1 (TF1)

Jul 87

207

Y

100

Compagnie Financiere de Suez*

Oct 87

2,929

Y

100

100

0

10

11.883

Y

Y

N

5

−17.8%

Credit Local de France

Nov 91

340

Y

100

72.5

50.584

0

20

Y

1.74

−3.8185

Jun 93

738

N

100

50.5

20.0

0

40.4

Y

N

13.0

7.3886

Total S.A.*

Jul 92

906

N

100

34

15

0

65

32

Y

Y87

Y

2

Feb 96

621

N

100

15

988

Rhone-Poulenc*

Jan 93

564

Y

10089

77.5

6790

10

45

16.7

Y

Y

N

>1

34.8%

Nov 93

2,200

N91

100

43

0

10

27.5

19

3

Feb 97

449

N

100

5.192

0.5

0

−0.5%

Banque Nationale de Paris

Oct 93

4,920

Y

100

100

40

7.493

17

8.5

Union Des Assurances De Paris

Apr 94

3,250

50

0

Renault

Nov 94

2,340

Y

100

80.1

50.1

1594

Apr 02

1,300

N

100

37.8

27.14

10

SGS-Thomson95

Dec 94

470

Y

0

95.5

80

Seita

Feb 95

1,100

Y

100

100

10

Y96

6.55

May 98

124

N

100

10.3

5

0

10097

Usinor Sacilor

Jul 95

3,930

Y

74

100

8

4.6

0

Oct 97

335

N

100

7.7

0

Pechiney

Dec 95

1,350

Y

64.2

100

44

3098

1.2599

−6.4%

Apr 98

371

N

100

10.5

1100

0

−0.8%

Assurances Generales de France [AGF]

May 96

1,670

N

100

9.1

67101

102

6103

Machines Bull

May 97

106

N

100

29104

17

10

−4.9%

France Telecom

Oct 97

7,080

Y

100

100

77

10

3105

15.0%

Nov 98

10,500

N

62

75

62

Comfortably

11%106

Mar 03

15,800

N

0

56

56107

1

−1%

Thomson-CSF

Jun 98

1,700

N

0

58.3

42.9108

0

Caisse Nationale de Prévoyance

Oct 98

1,590

Y

83.5

100

78

4

23.7109

retail 6; instit. 7

6%

Air France

Feb 99

337

Y

100

100

78

50110

12.4

0

Aerospatiale Matra

Jun 99

1,400

Y

100

64.7

47.7

13.5

retail 2.1 7; instit. 36

17%

Credit Lyonnais

Jul 99

6,960

Y

100

100

10

42111

STMicroelectronics

Sep 99

2,000

N

90.1

Dec 01

2,300

N

0112

European Aeronautic Defense & Space Agency (EADS)

Jul 00

2,852

Y

0

15113

7.3114

Wanadoo

Jul 00

1,770

Y

100

100115

89.5

retail 5.6; Instit. 16

10%

Thomson Multimedia

Oct 00

2,331116

N

66.7

51.7

35

Orange

Feb 01

6,687117

N

100118

100

86.29

−6%

Credit Agricole

Dec 01

3,158

Y

0

16.8 instit.

5.6%

Autoroutes du sud de la France

Mar 02

2,400

Y

100

100

51

19

11%

Germany

Volkswagen AG

Mar 61

315

Y

100

100

40

119

0

Y120

2

109.3%

Mar 88

674

N

100

16

0

0

Y

>1

2.7%

VEBA AG

Apr 65

132

Y

29

100

43.8

121

Y

>1

13.8%

Mar 87

1,380

N

100

25.6

0

1.4%122

VIAG

Jun 86

327

Y

100

100

60

May 88

877

N

100

60

0

0.3%123

Industrie Verwaltungs Gesellschaft (IVG)

Oct 86

81

Y

100

100

55

0

Deutsche Verkehrs-Kredit-Bank (DVKB)

Mar 88

34

Y

100

100

75.1

49.8

0

0

Lufthansa

Sep 89

475

N

0

69

52

00

0

0

Y

124

Sep 94

730

N

0125

51.4

41

0

Heavily

2%

Deutsche Siedlungs-Und Landesrentenbank (DSL)

Oct 89

241

Y

100

100

52

Deutsche Telekom

Nov 96

13,300

Y

0

100

74

N

N

N

5126

19%

Jun 99

10,200

N

0

2

62127

21128

2

Jun 00

14,760

N

100

65.6

59

80129

10

−3.3%130

Jenoptik

Jun 98

424

Y

100

46.1

19.2131

30

T-Online

Apr 00

2,700

Y

100

100132

19

39%

Deutsche Post

Nov 00

5,600

Y

100

100

71

1+

2.4%

Fraport (Frankfort Airport)

Jun 01

784

Y

0

−4.6%

Ghana

Ashanti Goldfields

Apr 94

373

Y+

84.7

55

31.3

133

71.8

Y

5

3.0%

Greece

Hellenic Sugar Industries

Jul 93

33

Y

100

70.5

5

OTE

Mar 96

398

Y

100

100

94

17

6

8134

Jun 97

1,967

N

65

92

80

48

1.8

Nov 98

1,100

N

100

75

65

40135

1.8

Hellenic Petroleum

Jun 98

311

Y

30

100

77

63.4136

15

General Hellenic Bank

Apr 98

67

Y

100137

85.5

35.5

Nation Bank of Greece

May 98

379

Y

100

51

41

100

3.5

Apr 99

553

N

0

38

34

Oct 99

348

N

43.5

25

16

1.3

Athens Stock Exchange

Dec 98

36

Y

100

88

49

2.5

CosmOTE

Oct 00

328

Y

100138

70

55

4

neg

Public Power Corp

Dec 01

417

Y

100

100

84

44139

Dec 02

360

N

100

84.5

71.3

6140

Hungary

Ibusz

Jun 90

33

Y

100

66.6

31.8

54.5

23

46.9%

Egis

Jun 94

44

Y

70

41

16

Jun 94

89141

Y

100

100

71

16

2

Mol

Nov 95

153

N

100

88.3

60

6

18.8

Y

May 97

304

N

100

59

39.7

0142

79

32

Mar 98

300

N

100

39.7

28.7

70143

5144

7.4%145

Borsodchem

Feb 96

64

Y

45

100

39

Y

86

Heavily

TVK

Jul 96

180

Y

100

100

15

12

83.5

OTP Bank

Oct 97

213

N

100

25

0

20146

66

7

Y

−10%147

Matav

Nov 97

1,200

Y

100

22.75

5.75

72

22

3

0.7%

Sum 99148

Iceland

Islandssimi

Jun 01

49

Y

0

100

80.3

oversub

India

State Bank of India

Dec 93

713

100

98.2

68.8

Oct 96

370

N

100

100

Indian Oil

Nov 95

63

53

VSNL

Mar 97

527

N

100

82

65

100

100

10

18%

MTNL

Dec 97

358

Y

67

100

51

3

positive

Container Corporation

Nov 98

53

100

30149

Gas Authority of India (GAIL)

Feb 99

42

13150

Indonesia

Indosat

Oct 94

1,060

0

100

65

20%

Tambang Timah

Oct 95

220

Y

100

65

0

72

3

PT Telkom

Nov 95

1,590151

Y

100

100

81

33

a

>1

2.4%

Dec 96

600

N

100

81

76.5152

Bank Negara Indonesia

Nov 96

400

Y

100

100

75

43

4.5

50%153

Ireland

Greencore (formerly Irish Sugar Corporation)*

Apr 91

136

Y

100

100

49

10154

N

Y

Y

2.8

B

Telecom Eireann

Jul 99

4,300

Y

100

65155

0

23

45156

retail 2; instit. 12

18.5%

Israel

Israel Chemical

Feb 92

235

Y

100

100

75

Q1 95

N

100

75

50

Dec 98

287

N

100

31.5

0

Bank Hapoalim

May 93

288

Y

100

97

80.5

120

B

Apr 99

59

N

100157

24

22

Jul 99

160

N

74

22

18

100

Jun 00

582

N

100

17

0

1.7

−2.8%

Israel Discount Bank

Mar 96

80

Y

100

87

71

yes

Bezeq

Mar 98

223

N

100

63.5

54158

Bank Leumi

Apr 98

52

N

100

63.5

61.5

100159

Sep 98

160160

N

100

61

44

4.6

12%

United Mizrahi Bank

Jun 98

200

Y161

49

22162

4.5

Italy

Banca Commerciale Italiana

Aug 85

118

N

100

73

61

50

Feb 94

1,700

Y

100

54

0

163

Y

10

Societa Finanziaria Telefonica (STET)

Nov 85

103

Y

100

87.9

84.8

Y

Jul 91

232

N

100164

63.6

59.9

Y

165

Jun 92

593

N

100166

59.3

51.7

Y

1.9

Enimont

Sep 89

936

Y

100

100

20

49

7

Banco di Napoli*

Nov 91

323

N

0

58.8

49.5

25

Y

N

Credito Italiano

Nov 91

140

N

100

65

58

Dec 93

1,079

N

100

58

0

26.1

10.8

Y

Y

6

11.8%

Dec 93

100

N

0

100

Y

Y

Istituto Bancario San Paolo

Mar 92

709

Y

100

100

80

167

Istituto Nazionale D. Assicurazioini

Jun 94

3,100

Y

100

100

49

Y

>1

Jun 96

2,100168

N

100

39

5

>1.0

Instituto Mobiliare Italiano

Jan 94

1,513

Y

90

60

30

46

16

9

10%

Jul 96

327

N

100

8.03

1.1169

Eni

Nov 95

3,907

Y

100

100

85

67170

0.4%

Oct 96

5,864

N

100

85

71

15

3171

0172

Jul 97

7,800

N

100

69.1

51.5

Y173

12.8

8.6

Y

Jun 98

6,740

N

100

51.5

36.9174

14175

2.5

Alitalia

May 98

450

Y

100176

85.4

67

40

Saipen

Aug 96

85.6

N

100

80177

Istituto San Paolo di Torino

May 97

730

N

100

66

20

0.8178

3

Aeroporti di Roma

Jul 97

315

Y

100

75

34

5

14

Telecom Italia

Oct 97

15,500

N

100

44.7

3.5

3%

Dec 02

1,400179

Banca di Roma

Nov 97

1,740180

Y

0

36.5

0

3

Banca Nazionale del Lavoro

Nov 98

4,600

Y

100

85

0

retail 6; instit. 3

AEM181

Jul 98

900

Y

100

100

51

retail 5; instit. 23

Enel

Nov 99

18,900

Y

100

100

65.5

heavily182

0%

Autostrade

Dec 99

4,600

N

100

47.7

0

4

Finmeccanica

Jun 00

5,360

Y

100

60

14.7

24

2.4

Acegas

Feb 01

143

Y

100

96.8

55183

2.6

Snam Rete Gas

Dec 01

1,800

Y

100184

5

ASM Brescia

Jul 02

323

Y

0

100

75185

0%

Jamaica

N.C.B. Group*

Nov 86

16

Y

100

100

0

13

0

0186

N

Y

N

Caribbean Cement*

Jun 87

90

Y+

100

90

0

3.9

0

0

N

Y

Y

Japan

Nippon Telegraph and Telephone

Feb 87

15,097

Y

100

100

87.5

0187

0

Y

6

55.0%188

Nov 87

40,260189

N

100

87.5

75

0

0

Y

3.1%190

Oct 88

22,400

N

100

75

65.4

0

0

Y

3.7%191

Dec 98

7,300

N

100

65.5

59

29

10.5

2.9

Nov 99

15,000

N

100

59

53

B

13.76

13.76

7.4

Nov 00

11,300

N

100

53

46

1.5

Japan Air Lines

Dec 87

4,645192

N

100

34.5

0

1

3.4%193

Japan Railroad East

Oct 93

7,312

Y

100

50

29

57.9%

Jul 99

5,800

N

100

38

12.5

Japan Tobacco

Sep 94

3,400

Y

100

100

80.6

0.34194

Jun 96

2,040

N

100

67

0195

12.9

JR West

Oct 96

4,400

Y

100

100

<1.0196

2.8%

NTT DoCoMo

Oct 98

18,400

Y197

100198

100

67.1

30

12

2

Feb 01

8,200

N

0

2.6 retail

2

Jordan

Jordan Telecom

Oct 02

150

Y

100

100

85

Kenya

Kenya Airways

Mar 96

48

Y

100

74199

23

3200

14

Korea

Pohang Iron and Steel (POSCO)

Jun 88

3,400

Y

0

100

66

>1

186.7%

Oct 94

300

N

0

100

Dec 98

300

N

100

26.6

21.6

100201

May 99

1,010

N

100

21.6

12.8

100202

Sep 00

336

N

100

6.84

0

33203

Korea Electric Power

Jun 89

2,100

Y

100

100

79

73.2204

Oct 94

300

N

0

79

58

100

−4.6%

Mar 99

750

N

100

58

53

>2

Korea Telecom

May 99

2,490

N

mixed

71.2

59

100205

Jun 01

2,200

N

100

58

40

100

Jun 02

4,000

N

28

0206

Korea Tobacco & Ginseng

Oct 01

550

N

100

53

33

100

Oct 02

230

N

100

14.5

0207

100

Woori Financial Group

Jun 02

509

Y

100

100

88

6.3%

Kuwait

Commercial Facilities Company

Sep 94

225

100

54

37

heavily

Arab Insurance Group208

Nov 97

290

Y

100

100

49.5

5

MALAWI Press Corp.

Mar 98

12.8

Y

100

93

71

64.4

Lithuania

Lithuanian Telecom

Jun 00

160

Y

100

100

75

−12.7%

Malaysia

Malaysian Airline System*

Oct 85

78

Y

100

100

70

16.7209

N

Y

Y

6

Telekom Malaysia*

Oct 90

872

Y

0

100

76

15

25210

N

Y

Y211

2

Apr 92

N

100

N

N

Y

Tenaga National*

Mar 92

1,165

Y

100

100

77

12.4

10

N

Y

Y

2.3

∼100

Petronas Gas

Sep 95

1,443

Y

100

100

75

Y

30

1.0

6.25

Malaysia Airports

Nov 99

293

Y

44

100

72

1.9

Mexico

Telefonos de Mexico*

May 91

2,170

Y

100212

29.8213

15

10

79.6

48

Y

N

N

>1

0

May 92

1,400

6.2

1.53

May 94

550

1.53

0214

Grupo Financiero Bancomer

Mar 92

837

Y+

100215

44216

44

217

36

Y

>1

5.6%

Grupo Financiero Serfin

Dec 93

420

50

Y

5.6%

Morocco

Compagnie de Transports au Maroc*

Jun 93

12

Y

100

100

60

Les Ciments de L'Oriental (CIOR)*

Dec 93

40

Y

100

100

66

Sofac Credit*

Apr 94

5

Y

100

100

81.63

Societe Nationale D'Investissement (SNI)*

Oct 94

41

Y

100

100

84.37

Banque Marocaine du Commerce Extérieur*

Jan 95

169

Y

100

100

50

Apr 96

50

N

100

100

5

Crédit-Eqdom*

Jun 95

9

Y

100

100

82

Netherlands

KLM Royal Dutch Airlines*

Apr 86

295

Y

20

55

39

55

45

Y

Y

Y218

0.9%

Naamloze Venootschap DSM*

Feb 89

619

Y

100

100

65.7

5.5

50

N

Y

Y

4.5

5.6%

Oct 89

715

N

100

65.7

31.3

5.7

49219

N

Y

Y

>1

0.2%220

NMB Postbank

Dec 89

649

Y

100

54

24

2.5

221

Koninklijke PTT Nederland (KPN)

Jun 94

3,868

Y

100

100

70

4

7%

Oct 95

3,514

N

100

70

48

45

2222

Nov 00

4,600223

N

0

43

35

87224

−8%

Dec 01

4,500

N

0225

34.77

34.77

Pink Roccade

Jul 99

120

y

100

100

74

0.2%

Jun 00

280

N

100

74

37

Dec 01

38

N

0

New Zealand

Petrocorp*

Jul 87

75

Y

82

64

6

25

N

N

N

Air New Zealand*

Oct 89

99

Y

100

100

0

20226

0

0

Y227

N

Y228

1.9

Telecom New Zealand*

Jul 91

819

Y+

100

46229

46

66.7

33.3

N

N

Y

>1

15.2%

Contact Energy

May 99

1,420

Y

100

100

85

70

11.2%

Norway

Christiana Bank

Dec 93

259

Y

100

91

69

Statoil

Jun 01

2,900

Y

51

100

80

6230

78

0

Telenor

Dec 00

1,600

Y

0

100

79

50

−7%

Den Norske Bank (DnB)

Apr 01

474

N

100

60.6

35

81

2.5

Pakistan

Pakistan Telecommunications

Sep 94

997

Y

100

100

88

Papua New Guinea

Orogen Minerals

Nov 96

188

Y

0

51

70231

Peru

Telefonica del Peru

Jul 96

1,100

Y

100

28.6

5

86.4232

5

>10%

Luz del Sur

Nov 96

200

N

100

30

0

40

0.8

Banco Continental

Jul 98

68

N

100

20

0

50233

4

Phillipines

Phillipine National Bank

Mar 92

89

Y

100

67

57

Petron

Aug 94

400

Y

100

60

41.5

63

Poland

Bank Slaski*

Jan 94

64

Y

100

100

70

33

N

N

N

>1

1240.%234

Jelfa Pharmaceutical*

Apr 94

20

Y

100

100

30

Polifarb Wroclaw*

May 94

30

Y

100

100

25

Kutno Pharmaceutical*

94

Polifarb Cieszyn*

Jun 94

Rolimpex*

Jul 94

Stalexport*

Aug 94

74

Y

100

100

40

Debica*

Sep 94

56

Y

100

100

51.3

Zaklady Przemyslu Odziezowego*

Sep 94

Krosno*

Oct 94

Bank Premyslowo Handlowy

Jan 95

150

Y

100

100

49.9

30.8235

Jun 97

660

N

100

Rafako Boiler Engineering Factory*

Feb 95

20

Y

100

100

75

Bank Gdanski

Dec 95

67

N

100

236

0237

1.3

KGHM Polska Miedz

Jul 97

415

Y

100

100

49

29238

41

4.3

13%

Telekomunikacja Polska SA (TPSA)

Nov 98

1,020

Y

100

100

85

70

11.2%

Polski Koncern Naftowy (PKN)

Nov 99

513

Y

100

85239

54

81

4

Jun 00

520

N

100

58

32

3

Bank Pekao

Oct 00

133

0240

Portugal

Unicer

May 89

63

Y

100

100

51

30

3

Jun 90

91

N

100

51

0

Banco Totta & Acores

Jul 89

195

Y

100

100

51

Jul 90

153

N

100

51

20

Tranquilidade

Dec 89

176

Y

100

100

51

Oct 90

129

N

100

51

0

Centralcer

Nov 90

236

Y

100

100

0

Banco Portugues do Atlantico

Dec 90

382

Y

100

100

67

1.20

May 92

346

N

100

67

49.36

Jul 93

221

N

100

49.36

31.86

Mar 94

105

N

100

31.86

24.36

Sociedad Financeira Portuguesa

May 91

109

Y

100

100

0

Banco Espirito Santo e Comercial de Lisboa*

Jul 91

385

Y

100

100

60

25241

5

N

Y

N

>2

Feb 92

590

N

100

60

0

11.3

10

N

Y

N

Companhia de Seguros Bonanca

Jul 91

97

Y

100

100

40

242

0

0

>1

Dec 92

29

N

100

40

25

Banco Fonsecas & Burnay

Aug 91

247

Y

100

100

20

Jul 92

61

N

100

20

0

Mundial Confianca

Apr 92

229

Y

100

100

0

Petrogal

Jun 92

279

Y

100

100

75

Império

Nov 92

174

Y

100

100

0

Crédito Predial Portugues

Dec 92

279

Y

100

100

0

União de Bancos Português

Dec 92

167

Y

100

100

38.9

Companhia Maceira Pataias

May 94

217

Y

100

100

20

Jul 95

53

N

100

20

0

SECIL

May 94

217

Y

100

100

49

CIMPOR

Jul 94

241

Y

100

100

80

33243

1.05

Sep 96

799

N

100

80

35

Yes244

55–60

May 98

720

N

100

35

10

30245

150

Banco Pinto & Sotto Mayor

Nov 94

255

Y

100

100

20

Mar 95

46

N

100

20

0

Banco Fomento Exterior

Dec 94

133

Y

100

100

20

10246

Portugal Telecom

Jun 95

988

Y

100

100

72.7

39

13

4

3.82%

Jun 96

950

N

100

73

51

60

Oct 97

2,030

N

100

51

25247

14

0.67%

Jul 99

1,630

N

82

23.5

10

54

retail 8.5248

Dec 00

1,773

N

34

8.2

0

Electricidade de Portugal

Jun 97

2,100

Y

100

100

70

44

37249

Jun 98

2,720250

N

100

70

52

35251

63

0.9%

Oct 00

1,340

N

100

50.6

32.6252

3 instit.

3.56%

Brisa-Auto Estradas

Nov 97

549

Y

100

100

65

37

130

Nov 98

928

N

100

75

34

retail 18253

Qatar

Qatar Telecom

Dec 98

740

Y

100

100

55

0254

0

Russia

Gazprom

Oct 96

430255

50

50

Mobile Telesystems (MTS)

Jun 00

384

Y

100

51256

Lukoil

Dec 02

775

N

100

13.5

7.6

100

100

Saudi Arabia

Saudi Telecom

Jan 03

3,700

Y

100

100

70

Singapore

Neptune Orient Lines*

Apr 81

84

Y

0

100

67.7

N

N

N

Dec 87

88

N

0

62.3

52.8

N

N

N

Singapore International Airlines

Nov 85

233

Y

50

77

63

37

N

Y

3.1

Jun 87

284

N

100

62.9

53.5

20257

N

Y

Singapore National Printers*

Feb 87

3

Y

29

100

63

14.3

N

N

N

119

Singapore Aerospace*

Jun 90

87

Singapore Shipbuilding & Engrg*

Jul 90

32

Singapore Petroleum Corp*

Oct 90

58

SAL Industrial Leasing*

Jul 91

17

Singapore Electronic & Engrg*

Jul 91

15

Singapore Computer*

Oct 91

35

Singapore Technologies*

May 93

114

Y

100

100

75

Singapore Telecom*

Oct 93

1,950

Y

100

92.8

3.7

50

N

Y

Y

4

100.7%

Jul 96

260

N

100

88.17

87.5

100258

Singapore MRT

Jul 00

172

Y

100

100

67

4.6

5%

Slovakia

Slovnaft

Jul 95

112

Y

100

86

66

50+259

South Africa

Iscor

Oct 89

1,300

Y

100

6

10

4

Telkom

Mar 03

500

Y

100

100

75

37

25

0.8%

Spain

Gas y Electricidad de Espana (GESA)

Nov 86

61

Y

100

94

56

4

Telefonica

Jun 87

375

N

0

47

100260

100

7.8%

Sep 95

1,300

100

32

20

46

22

Feb 97

4,360

N

100

21

0

33261

10

May 98

2,840

N

0262

4.8%

Endesa

May 88

750

Y

100

27

1.47

May 94

1,050

N

100

74

65

2.5

Oct 97

4,500

N

100

66

31

1.3%

Jun 98

8,000

N

100

33

0

5

Repsol*

May 89

1,140

Y

100

100

73.4

9

14

14

N

Y

N

3

2.26%

Apr 93

952

N

100

54.4

41.1263

89

42.1

N

Y

N

0%

Apr 95

1,600

N

100

40

21

6.3

3264

Feb 96

1,100

N

100

21

10

Y265

Y

Y

Y266

8–15

Apr 97

1,170

N

100

10

0

17.7267

44

0.5%

Jul 99

5,500

N

0268

0

0

10269

Argentaria Corp.

May 93

1,027

Y

100

100

75.1

37

13

6

13.3%

Nov 93

1,214

N

100

75.1

50.1

4.5

Mar 96

1,200

N

100

50

25

Y270

Y

2.1-7