BHBNewsLetter-Dec 2015

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Issue 6 - December 2015 @BahrainBourse
BAHRAIN BOURSE FORMS DISCIPLINARY BOARD
THE BOURSE APPROVES AMENDMENTS ON LISTING REQUIREMENTS FOR
LISTED SHAREHOLDING COMPANIES EFFECTIVE WITHIN SIX MONTH
The Chairman of Bahrain Bourse
Mr. Yusuf Abdulla Humood issued
Upon the approval of the Cen-
tral Bank of Bahrain (CBB), the
chairman of Bahrain Bourse Mr.
Yusuf Abdulla Humood issued
on Wednesday, 11th November
the resolution No. (5) regarding
amending the listing requirements
of the listed shareholding compa-
nies on the Main Board in Bahrain
Bourse, including the currently
listed companies on the Bourse
and the companies that intend to
list their securities in the future.
According to this resolution, all of
the listed shareholding companies
on Bahrain Bourse are required
to take the necessary procedures
to amend their status in line with
the amendments stated in the res-
olution, which includes registering
and depositing the issued shares
in the Clearing, Settlement, Cen-
tral Depository & Registry system
in the Bourse, provided that the
establishment and management
of the shareholders’ record in the
company is in line with the elec-
tronic registry system licensed
Resolution No. (6) for 2015 in re-
spect of forming the Disciplinary
Board that includes the following
members: Mr. Khalid Shaheen
Saqer, Mr. Anthony Mallis, Mr.
Hamid Abdul Rahman Mahmood
and Ms. Elham EbrahimAbdullah.
According to the Charter of
the Disciplinary Board, the
members should elect its Pres-
ident, deputy as well as a sec-
retary in the first meeting.
In accordance to the procedures
stated in the Bourse’s Rules and
Regulations and the Charter of
the Disciplinary Board, the Dis-
ciplinary Board is authorized and
powered to decide on any viola-
tions to Bahrain Bourse law, In-
ternal Regulation and resolutions
which regulate the Bourse as well
as the Central Bank of Bahrain Law
and Rules that relates to Bahrain
Bourse. The disciplinary Board
also will decide on any violation
affecting the conduct of busi-
ness and discipline in the bourse.
by the Central Bank of Bah-
rain an approved by the Bourse.
The resolution also raises the
minimum capital of the listed
company to one million Bah-
raini Dinars or its equivalent in
other currencies, in addition to
raising the minimum company’s
shareholders to 100 excluding the
shareholders from the company’s
employees, staff, and key persons
and their directly related people.
Additionally, the resolution ap-
proved a number of amendments
related to the company’s profit-
ability, its financial conditions,
the balance of its financial struc-
ture, and its performance efficien-
cy by applying the requirements
of transparency & disclosure
standards, and corporate gov-
ernance standards issued by the
Central Bank of Bahrain (CBB).
CEO of Bahrain Bourse, Shaikh
Khalifa Bin Ebrahim Al Khalifa
said that the resolution is a major
step in the history of the Capital
Market sector in the Kingdom of
Bahrain with respect to the listing
requirements, especially the part
related to depositing of shares of
companies in the Clearing, Set-
tlement, Central Depository and
Registry in the Bourse and the
minimum tradable stocks, which
opens the door wide to the Bourse
for integration and interconnec-
tion with the GCC and global ex-
changes and it will also contribute
in offering more opportunities to
the citizens to invest in the Bah-
raini shareholding companies.
Shaikh Khalifa clarified that ap-
plying the new amendments
will enable the Bourse to bridge
the gap to accommodate the
unified listing requirements
in the GCC stock markets.
Shaikh Khalifa also revealed
that the Bourse in the coming
few days will execute a number
of practical steps to implement
this resolution with coordina-
tion with the relevant parties.