BHB’s Board Approves the Financial Results for the First Quarter and Discusses the Procedures of Segregating Bahrain Clear from Bahrain Bourse

Tuesday, June 20, 2017

The Board of Directors of Bahrain Bourse (BHB) held its third meeting for the year 2017 on Thursday, 15th June 2017 chaired by Mr. Abdulkareem Ahmed Bucheery, Chairman of the Bourse where the topics on the agenda were discussed.

The Board discussed the strategic review of BHB’s operational plan for 2017 including the latest developments of Bahrain Bourse during the past couple of months which were presented by the Chief Executive Officer of the Bourse. The presentation outlined the major achievements of Bahrain Bourse during 2017 such as the launch of the Bahrain Investment Market “BIM” and BHB’s signing with three consultancy companies “sponsors” to receive and study the listing applications in this market. In addition, 12 awareness workshops were conducted in cooperation with related parties including societies and associations such as Bahrain Chamber of Commerce & Industry, Bahrain Businessmen’s Association, Bahrain Businesswomen’s Society, Bahrain Family Business Association, International Advertising Association, Bahrain Association of Banks, Bahrain Property Developers Association along with other societies and associations.  The workshops were attended by more than 1250 persons.

Besides the BIM, the majority of the listed shareholding companies assigned Bahrain Bourse as a registrar for its shares. The Market Making Guidelines were issued, and accordingly “Mubasher” was approved as a Market Maker at Bahrain Bourse. In addition, a cooperation agreement was signed with Flat6Labs aiming at developing an entrepreneurship culture and raising awareness on Bahrain Investment Market.  Bahrain Bourse also organized a seminar on the implementation of Value Added Taxes in the Kingdom of Bahrain that was attended by more than 75 representatives from listed shareholding companies.

Moreover, Bahrain Bourse signed a cooperation agreement with BIBF to launch a new Trading Course aimed at promoting trading skills among Bahrainis in order to encourage and prepare them to enter the Investment and Trading field. In addition both parties agreed to jointly organize free of charge awareness workshops and training sessions in which the public can register through the website as of July next month. BHB successfully organized the meetings of the TradeQuest Program and concluded it with an Awards Ceremony for the Government and Private Schools where 20 Government and Private Schools participated in the program along with 7 universities.  

The Board was updated on the latest developments on the “Bahrain Trade” Project that Bahrain Bourse intends to launch during the last quarter of 2017, and also was briefed on the legislative and technical procedures undertaken by the Executive Committee to achieve this project.

In addition, the Board reviewed Bahrain Clear’s Board decisions concerning the official announcement of the commencement of Bahrain Clear’s operations following the licensing of the company by the Central Bank of Bahrain. The Board discussed the steps taken to transfer the employees of the company with their full rights and benefits and the mechanism of segregating the assets of the new company from Bahrain Bourse’s assets in a way that meets the legal, administrative, and financial requirements.

During the meeting, the Board approved BHB’s financial results for the period ended 31 March 2017, and reviewed the decisions and recommendations of the Board’s Committees and decided on actions to be taken.