Bahrain Clear participated in ASAR – Al Ruwayeh & Partners Seminar 2023 that was recently held in Bahrain. The seminar, which welcomed more than 50 attendees, addressed the transfer of the share registry for Closed Shareholding Companies from the Ministry of Industry and Commerce (MOIC) to the Bahrain Private Market - the modernized share registry platform operated by 'Bahrain Clear', as well as the most recent amendments to Kingdom of Bahrain's Corporate Governance Code.

At the Seminar, keynote speaker and Partner at ASAR, Steven Brown, discussed the rationale and benefits associated with the new efficient registry for Closed Shareholding Companies operated by Bahrain Clear through its 'Bahrain Private Market' platform. Senior Associate at ASAR, Sherif Saad Eldin shed light on the recent amendments to the Corporate Governance Code and provided clarity for businesses on the meaning of “comply or explain" as well as which governance obligations are 'mandatory' versus those applicable except where other justification is given. Sherif also touched on how a company can adjust their corporate governance policies accordingly to comply with the new amendments.

Commenting on the ASAR seminar, Steven Brown, Partner at ASAR – Al Ruwayeh & Partners said: “We are pleased to have hosted the seminar in Bahrain and to provide a resource for the various companies in Bahrain to efficiently manage their governance and corporate secretarial obligations."

Chief Operating Officer of Bahrain Clear, Mr. Abdulla Abdin commented: “The launch of the Bahrain Private Market provides a full suite of share registrar services for Closed Shareholding Companies. The platform aims to provide a more transparent and efficient offering for Closed Shareholding Companies, and subsequently their respective shareholders. With our long-standing experience in providing such services, we aim to provide an efficient and secure platform for Closed Shareholding Companies to encompass both public and private shareholding companies."

The seminar also welcomed Huda Albasri, Chief of Investor Relations & Guidance at the Registration Directorate at the MOIC, Abdulla Abdin, Chief Operating Officer of Bahrain Clear, and Simone Del Nevo, Head of Legal at SICO as part of a panel moderated by Steven Brown. The panel provided real life insight from the perspective of each different stakeholders: regulator, registrar and user, on the new share registry system and its multitude of benefits.

Bahrain Clear has implemented the new share registry through its Bahrain Private Market platform, which enables Closed Shareholding Companies to access, connect, manage and execute their transactions in an efficient and effective manner. The shares will be held in safe custody by Bahrain Clear to ensure the safe keeping and visibility to the company's shareholders. ​

It is worth noting that Bahrain Clear announced the launched of Bahrain Private Market at the beginning of August 2022. Following the announcement, various webinars were held to present the key benefits and services that will be provided through Bahrain Private Market as well as the process of accessing, connecting, managing and executing transactions on the platform. The platform can be accessed by visiting Bahrain Private Market page on Bahrain Bourse's website: https://www.bahrainbourse.com/bahrain-private-market

For further inquiries on services offered by Bahrain Clear in relation to Bahrain Private Market, interested parties can contact Bahrain Clear on: 17108841 or email: [email protected]

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