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KHCB to list shares on Dubai bourse from December 19

Bahrain Business
Sun, 03 Dec 2017


Manama: Khaleeji Commercial Bank (KHCB) has announced December 19 as the date to list its shares on the Dubai Financial Market (DFM) after obtaining approvals from regulatory authorities in Bahrain and the UAE, including the Central Bank of Bahrain, the DFM and the Securities and Commodities Authority.

The listing process will be finalised during a special ceremony held at the DFM, in the presence of bank chairman, board and management members, representatives of the authorities in the UAE, and media personnel.

A special presentation will be made to the DFM’s brokers, introducing the bank, its services and innovative products, as well as informing them of the details of its financial performance.

The DFM listing process follows the approval of the bank’s general assembly, last March.

“Throughout its history, DFM has played an active role in providing companies and banks with the opportunity to benefit from capital market components, whether through consortiums required to execute growth strategies, assessing their assets in a fair and transparent trading environment, or improving relations with the investment community, both locally and internationally,” KHCB chairman Dr Ahmed Khalil Al Mutawa said.

“This listing will doubtlessly enhance the bank’s market value, improving liquidity of shares and attracting more shareholders, which coincides with the bank’s direction towards expanding its shareholder base,” he said.

The bank said, according to procedures adopted by DFM, the shareholders in the market must obtain the investor’s number by filling out an application form along with all required documents approved by official authorities and submitting the application personally or through the electronic services of the DFM or through licensed brokers in the market, and shareholders must obtain the special trading number through licensed intermediaries.

For more information, shareholders can contact the Dubai Financial Market Investor Service at 0097143055555 or via cutomerservice@dfm.ae.

Shareholders wishing to transfer their shares to DFM should apply for a transfer from the Bahrain Bourse to the market by applying to the Bahrain Clear and in co-ordination with their registered broker in Bahrain Bourse.

For more information, shareholders can contact Bahrain Clear Services at 0097317108833 or via registry@bahrainclear.com

The statement also pointed out that the percentage of shares allowed to be listed on DFM does not exceed 10 per cent of the bank’s capital. The bank’s shareholders who owned or will own 5pc and more of the bank’s capital (directly or indirectly) cannot trade on the DFM.

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