Investors on the Brussels bourse whoflocked to participate in the flotation of shares in glassmaker
&lt;Glaverbel SA> may be rather more cautious when the offer of
three million new shares in Belgian sugar refiner &lt;La
Raffinerie Tirlemontoise SA> takes place next month, analysts
said.
    This is mainly because Raffinerie Tirlemontoise is in the
relatively static sugar market, they added. The Glaverbel issue
of 755,000 shares at 1,850 francs each was more than 100 times
oversubscribed and analysts said this showed that there will be
no lack of liquidity for the sugar refiner's offer. 
    He declined to say at what price the new shares will be
offered when they are floated between May 5 and 15, saying
Belgium's Banking Commission has yet to approve arrangements.
    However, analysts said local press speculation that the
price would be between 1,500 and 1,800 francs appeared not too
far from the mark.
    Although the bourse saw some selling recently because of
international factors, the key Belgian cash market index closed
yesterday at 4,436.05 against 3,582.17 a year ago, a rise which
has been fuelled in part by increasing international interest.
REUTER
