Bahrain Bourse (BHB) announced on Tuesday, 18th April 2023 the listing of Montreal Motors BSC (closed) on Bahrain Investment Market (BIM), an equity market designed for fast-growing companies seeking growth capital. Montreal Motors, a full-fledged motor distribution business, has joined the BIM market under the trading symbol 'MONTREALBH'. A ringing bell ceremony was held to mark the commencement of listing of 'MONTREALBH' shares in the presence of Mr. Abdulkarim Ahmed Bucheery, Chairman of Bahrain Bourse, Sh. Khalifa Bin Ebrahim Al Khalifa Chief Executive Officer of Bahrain Bourse, along with Ebrahim Al-Shaikh, Founder & Vice Chairman of Montreal Motors, executive management of Bahrain Bourse, and senior representatives from the Central Bank of Bahrain.
On his part, Sh. Khalifa Bin Ebrahim Al Khalifa Chief Executive Officer of Bahrain Bourse commented stating: “We would like to welcome the listing of Montreal Motors BSC (closed) on BIM which comes in line with the recent regulatory changes introduced on the BIM framework. 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."
On her part, Abeer Al Saad, Director of the Capital Markets Supervision Directorate at the Central Bank of Bahrain highlighted, “The listing of Montreal Motors on the BIM is a momentous occasion that is aligned with the Kingdom of Bahrain's Financial Sector Development Strategy and specifically the ambition to enhance and transform the Kingdom's capital markets through encouraging listings on Bahrain Bourse's innovative equity market designed to support fast-growing companies, the BIM. BIM enables small and medium-sized companies to achieve growth by providing various funding resources, thereby expanding their businesses and developing their activities, and thus contribute to their growth and sustainability. We are confident that this listing will serve as a stepping stone for future growth and development of this market."
On his part, Ebrahim Al-Shaikh – Founder & Vice Chairman of Montreal Motors said, “Achieving listing on the BIM will go a long way in supporting our 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."
Montreal Motors has successfully listed to support its expansion into the motor distribution business. Montreal Motors will be listed under the symbol 'MONTREALBH' on the BIM. Montreal Motors business models consists of 5 core services: Motors distribution and sales, after-market services, motor leasing, inbound and outbound logistics, and investment through a licensed crowdfunding platform. Established since 1994, Montreal Motors today has more than 8 facilities across Bahrain.
It is worth noting that Bahrain Bourse recently introduced a series of regulatory changes to Bahrain Investment Market aimed at supporting the growth and development of the market, enhance market attractiveness, and simplify and increase the efficiency of the admission process. The regulatory changes introduced includes provisions to allow companies to file their listing application for Bahrain Investment Market through BHB directly without the mandatory requirement of appointing an authorized sponsor which potentially would further lower the cost of listing on BIM.