Bahrain Bourse, Zain Bahrain sign Listing Agreement

A listing agreement was signed between Bahrain Bourse and Zain Bahrain. Both Chairman of Bahrain Bourse Mr. Yousuf Abdulla Humood and Chairman of Zain Bahrain Shaikh Ahmed bin Ali Al Khalifa signed the agreement in the presence of a number of BHB’s Board Members and officials of both BHB and Zain Bahrain.
Mr. Yousuf Humood expressed his delightedness for listing Zain Bahrain on the Bourse pointing out that the company is considered to be one of the major telecommunication companies in the Kingdom, and has contributed in increasing the competitiveness of the telecommunications sector in the Kingdom, and ensured that the Bourse works in cooperation with the different organizations involved in the economic decision-making in the Kingdom to strengthen the investment infrastructure, in a way that contributes to the national economy and its prosperity with the guidance of the wise leadership and the government.
Mr. Yousuf Humood added that "the bourse is committed to developing all of its services to all of its clients including issuers and investors, which make us able and capable to meet their needs and aspirations, enhance the capability and efficiency of the Bourse and increase its competitiveness in attracting local and foreign investments".
Shaikh Ahmed Bin Ali Al Khalifa, Chairman of Zain Bahrain said that "Listing Zain Bahrain’s shares in Bahrain Bourse represent a significant milestone to all Board Members and Executives and the companies associates".
Further commenting on the listing, Shaikh Ahmed Bin Ali Al Khalifa said that "Zain Bahrain is a prime example in the telecommunication industry as it has developed into a full spectrum telecom service provider offering innovative services and cutting edge technologies for both the consumer and enterprises. Today, we celebrate our continuous achievements and success in positioning the Kingdom of Bahrain as an investment hub both locally and internationally which is in line with our goal in raising the flag of Bahrain."
The Chairman of the Board highlighted the Government’s vision in providing investment opportunities for consumers and enterprises locally and internationally, and how Zain Bahrain’s listing contributes towards the Kingdom’s economic development in line with the 2030 Vision.
"We are committed and passionate about our mission; which is to play an integral role in developing the telecommunications industry in the Kingdom," he added.
Shaikh Khalifa Al Khalifa welcomed the listing of Zain Bahrain on the Bourse, pointing out that this step will contribute to widen the shareholders and investors base in Bahrain Bourse, as well as that it will provide more investment alternatives for investors in the Bourse. BHB’s Chief Executive Officer also praised Zain Bahrain and its officials for their efforts in completing the Initial Public Offering (IPO) and the listing procedures, wishing the company success in all of its future plans.
He also clarified that shares of Zain Bahrain will be traded under the trading symbol "ZAINBH" in the IPO market for 6 months, according to the procedures followed in the market, and will be transferred at a later stage to the regular market to be traded under the services sector.
By listing Zain Bahrain in Bahrain Bourse, the total number of listed companies at the Bourse becomes 48 companies, including 43 Bahraini company and 5 foreign companies.
It is noteworthy that Zain Bahrain has completed in October 2014 an Initial Public Offering (IPO), where 48 million shares were offered representing 15% of the company’s paid up capital.