Bahrain Clear Requests All Listed Companies’ Shareholders to Update their KYC Information

Tuesday, July 16, 2019
Bahrain Clear announced on Tuesday 16 July 2019 that 79.57% of shareholders representing 28,208,869,078 shares of the listed companies on Bahrain Bourse have been transferred to the Electronic Registry and deposited in Bahrain Clear’s Central Depository System. This step came as part of the procedures undertaken by the companies in compliance with the Resolution No. (5) of the year 2015 issued by the Chairman of Bahrain Bourse with respect to amendment of the listing requirements of companies at Bahrain Bourse.

The total number of shareholders carrying physical certificates lacking updated Know Your Customer (‘KYC’) information even after implementing the Electronic Registry reached 90,000 shares owned by 82,889 shareholder owning around 7.24 billion shares with a market cap of BD 1.52 billion in comparison to the total market capitalization, which is BD 9.22 billion. Bahrain Clear requested shareholders carrying physical certificates to update their personal KYC information which will facilitate distribution of past unclaimed dividends withheld by the listed companies. Listed companies have published several announcements requesting for shareholders carrying physical certificates to visit Bahrain Clear in order to transfer their physical certificates to the Electronic Registry and update their KYC, which will allow them to have access to the e-Services available including swift receipt of future dividends through direct bank transfers.

On his part, Sh. Khalifa bin Ebrahim Al-Khalifa, Vice Chairman & Managing Director of Bahrain Clear thanked the companies who have responded to the Bourse’s initiative and efforts to transfer the physical certificates to the Electronic Registry allowing shareholders to benefit from the numerous advantages offered by the Electronic Registry.

On this occasion, the Senior Director of Operations at Bahrain Clear Mr. Abdulla Jaffar Abdin commented: “This initiative comes as part of Bahrain Clear’s responsibilities to ensure protecting all shareholders’ rights at the Bourse, whereby Bahrain Clear collaboratively works closely with listed companies to ensure finding appropriate mechanisms to update missing KYC information on all shareholders.”

Mr. Abdin confirmed that Bahrain Clear offered various ways to communicate with the shareholders to update their information, through communicating with Bahrain Clear and submitting the physical shares certificates to Bahrain Clear reception desk located at Bahrain Bourse – Trading Floor during working hours from Sunday to Thursday from 8:00 am to 1:30 pm or via email: [email protected] or via the hotline: 17108833.

It is worth mentioning that Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of BD 5 million, and a paid up capital of BD 1 million. Bahrain Clear is licensed as a clearing house by the Central Bank of Bahrain, offering pre and post-trade services to investors as well as a range of services including transactions depository, clearing, settlement, central registry and registration.