MANAMA: A new platform for closed shareholding companies that could speed up listings on Bahrain Bourse (BHB) will go live on August 18.
Annoucing the launch of Bahrain Private Market, key officials from the stock exchange and the Industry and Commerce Ministry told a Press conference yesterday that the platform would provide a full suite of bespoke share registrar services in a secure and electronic format addressing an unmet market demand.
“This comes in accordance with issued Law No. (09) of 2022 in relation to commercial registration services published in the Official Gazette No. (3594),” said assistant under-secretary of commercial registration and companies Nibras Mohamed Talib.
Also speaking during the Press conference was Bahrain Clear chief operating officer Abdulla Jaffar Abdin who said the shares will be held in safe custody by Bahrain Clear to ensure the safe keeping and visibility to the company’s shareholders.
“The platform will enable closed shareholding companies to access, connect, manage and execute their transactions in an efficient and effective manner.”
Bahrain Private Market will charge companies a total annual fee of BD500 for services that include change of partners (trading between existing shareholders), authorised signatories, directors, and company type and mergers.
In addition, closed shareholding companies can transfer company ownership, increase/decrease in capital, preform pledging and unpledging transactions, discharge and lifting, and judicial custodianship.
The platform also provides for additional add-on services such as AGM management services (physical and eAGM), cash dividend distributions, share options, and auction services, eVoting, and consolidated statements.
In a statement, BHB chief executive Shaikh Khalifa bin Ebrahim Al Khalifa who is also vice-chairman and managing director of Bahrain Clear, said: “The launch of Bahrain Private Market will provide a more transparent and efficient offering for closed shareholding companies, providing unique opportunities in the private company secondary trading market.
“The platform will serve as a unique one-stop-shop for closed shareholding companies, which aims to provide a range of services and tailored solutions, as well as greater flexibility with the opportunity to trade shares between existing shareholders. Bahrain Private Market aims to capitalise on technology-driven operational efficiencies of Bahrain Clear to further expand services to encompass both public and private shareholding companies.
Joining the platform aims to prepare closed shareholding companies to kickstart their journey towards public capital markets and expose them to the overall exchange ecosystem,” Shaikh Khalifa added.
avinash@gdnmedia.bh
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