KHCB prepares to list its shares on the Dubai Financial Market

Manama : Khaleeji Commercial Bank (KHCB) yesterday announced plans to list its shares in the Dubai Financial Market (DFM) after obtaining necessary regulatory approvals.  

The Bahrain-based bank said it is awaiting clearances from the regulatory authorities in Bahrain and the United Arab Emirates, including the Central Bank of Bahrain (CBB), the DFM, as well as the Securities and Commodities Authority. 

The listing process is expecting completion by the end of this year during a special ceremony to be held at the DFM in the presence of a number of Board members, representatives of the concerned authorities in the UAE, and media personnel. 

The move follows the approval of the bank’s General Assembly in last March in light of the growth witnessed by the bank in expanding its client base and its presence in Bahrain’s market since its inception in 2004.  

Commenting on the move, Dr Ahmed Khalil Al Mutawa, Chairman of KHCB’s Board of Directors said, “Listing the bank’s shares on the DFM is a qualitative shift in the Bank’s operations and embodies the objectives of creating a favourable environment for shareholders to trade their shares, enhancing the Bank’s market value.”

“This is built on the trust of investors that the bank has earned, resulting from the successes and high returns we have achieved over the past few years.” 

Elaborating, Dr Al Mutawa said that the board is working tirelessly to expand bank’s shareholder base by selecting regions distinguished by their steady economy, in order to achieve the best investment results and high returns for shareholders and customers. 

“The economic development witnessed by the UAE has encouraged the bank’s management to choose the DFM as a starting point to trade shares outside the Kingdom of Bahrain, which represents another step towards linking the financial markets of Bahrain and the UAE,” he explained.