Montreal Motors, a full-fledged motor distribution business, has become the first company to list on the Bahrain Investment Market (BIM).
This comes within a week of new rules for BIM being introduced by Bahrain Bourse (BHB) that make it easier and cheaper for fast-growing companies to access growth capital.
The company’s listing with a share capital of BD2,500,000 under the trading symbol ‘MONTREALBH’ was marked with a bell-ringing ceremony held yesterday at BHB in the presence of the bourse’s chief executive, Shaikh Khalifa bin Ebrahim Al Khalifa, alongside Montreal Motors founder and vice chairman Ebrahim Al Shaikh.
BHB chairman Abdulkarim Bucheery was also present at the bell-ringing ceremony.
“We would like to welcome the listing of Montreal Motors on BIM which comes in line with the recent regulatory changes introduced on the BIM framework,” said Shaikh Khalifa.
“We aim to attract a number of potential eligible companies that are ready to explore the next phase of their growth while being listed on the BIM. We believe that BIM is a natural fit for scale-ups and growth companies seeking to achieve their corporate ambitions.”
Describing the listing of Montreal Motors as a “momentous occasion,” Abeer Al Saad, director of capital markets supervision at Central Bank of Bahrain, said: “This is aligned with Bahrain’s financial sector development strategy and specifically the ambition to enhance and transform the capital markets through encouraging listings on the BIM.”
Enabling small and medium-sized companies to achieve growth by providing various funding resources, BIM helps them to expand their businesses and develop their activities, thus contributing to their growth and sustainability, she explained.
“We are confident that this listing will serve as a stepping stone for future growth and development of this market.”
Mr Al Shaikh believes listing on the BIM will go a long way in supporting Montreal Motors’ expansion plans organically and geographically.
“It gives us a solid platform for growth and we are excited about taking the next step of our journey,” he said.
Montreal Motors has successfully listed to support its expansion into the motor distribution business.
Montreal Motors’ business consists of five core services: Vehicle distribution and sales, after-market services, automobile leasing, inbound and outbound logistics, and investment through a licensed crowdfunding platform.
Established in 1994, Montreal Motors today has more than eight facilities across Bahrain.
New regulations introduced last week for BIM are aimed at supporting the growth and development of the market, enhancing market attractiveness, and simplifying the admission process while increasing its efficiency.
The changes include provisions to allow companies to file their listing application for Bahrain Investment Market through BHB directly without the mandatory requirement of appointing an authorised sponsor which potentially would further lower the cost of listing.
avinash@gdnmedia.bh
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