Bahrain Bourse Lists UGH Post 100% Acquisition of the Listed Shares of United Gulf Bank & Assigns Bahrain Clear as a Share Registrar

Thursday, September 28, 2017
Bahrain Bourse announced on Wednesday, 27th September 2017 the listing of United Gulf Holding Company ‘UGH’ post reorganization of the activities of United Gulf Bank ‘UGB’ as approved by the CBB, under which UGH acquired 100% the listed shares of UGB.  An agreement was signed between Bahrain Bourse and United Gulf Holding Company (UGH) to list the shares of the restructured entity on Bahrain Bourse (BHB) as of today, Thursday, 28th September 2017.  Another agreement was also signed between Bahrain Bourse and Bahrain Clear (a fully owned subsidiary of Bahrain Bourse) to assign Bahrain Clear as a Share Registrar for the shares of the company.  The agreements were signed by the Chief Executive Officer of Bahrain Bourse Shaikh Khalifa bin Ebrahim Al-Khalifa and the Authorized Representative of UGH Mr. Hussain Lalani.

On this occasion, Shaikh Khalifa bin Ebrahim Al-Khalifa expressed his thanks and appreciation for the efforts and support of the Central Bank of Bahrain’s officials during the whole restructuring process to list UGH on Bahrain Bourse.

Shaikh Khalifa also praised the cooperation of the officials in UGH in meeting all the listing requirements of Bahrain Bourse on the specified dates in a way that maintained shareholders’ rights and enhanced the credibility of the procedures undertaken by BHB, and wished UGH success in its future projects.

Mr. Hussain Lalani, Authorized Representative of UGH expressed his appreciation and gratitude to the Government of the Kingdom of Bahrain and all the regulatory and supervisory authorities for making the UGB restructuring and listing of UGH a seamless process.
Mr. Hussain Lalani also said that UGH will continue to uphold the strong governance and transparency standards set by UGB and will comply with all regulatory and disclosure requirements as applicable.” 

According to the agreement, the shares of United Gulf Holding Company will be traded as of today, Thursday, 28th of September 2017 under the trading symbol (UGH) in the regular market under the Investment Sector, according to the procedures followed in the market.
According to the second agreement, Bahrain Clear will provide United Gulf Holding Company with a variety of services that includes maintaining a record of the share register that holds the shares in electronic form, and updating the data of the registry resulted from dealing on the company’s shares in accordance with the rules and regulations of Bahrain Bourse.

In addition, Bahrain Clear will provide United Gulf Holding Company with online services that include real-time shareholding confirmations with the percentage of investors’ holdings’ dealings, investors’ account statements, and other periodical reports.

UGH is a Bahraini Shareholding Company (Public), recently incorporated in the Kingdom of Bahrain to own the entire share capital of the Bank which will continue to operate under its existing banking license and, on the other hand, the investment assets (and certain liabilities) will be transferred from the UGB to UGH.

UGH has acquired 100% share capital of UGB (net of treasury shares), in consideration for newly issued shares of UGH at an exchange ratio of one newly issued UGH share for every two UGB shares, post fulfillment of regulatory approvals from the Central Bank of Bahrain.