Bahrain Clear named paying agent for cash dividend distribution

TDT | Manama

Bahrain Clear has been named as a Paying Agent to undertake cash dividend distribution for nine listed companies serving more than 170,000 shareholders of 100 nationalities, a statement said. Payment will be through IBAN Transfers directly into designated bank accounts, myShare Cards and cheques.

“We are committed to enhancing the overall investor experience by facilitating cash dividend distribution and making the payment process more efficient through direct deposit into their bank accounts, resulting in tangible real-time service and ensures transformation towards paperless transactions, said Vice Chairman and Managing Director of Bahrain Clear, Sh. Khalifa bin Ebrahim Al Khalifa.

KYC information will be updated to facilitate the swift distribution of current dividends as well as any past unclaimed dividends, which will also allow shareholders to access e-Services available to view their current portfolio, Bahrain Clear said. Bahrain Clear further said its clearing, settlement, Central Depository and Registry infrastructure are currently being changed to increase efficiency and provide more advanced post-trade services.

“Enhancement to the Delivery Versus Payment (DVP) Model Framework will ensure adherence to international standards as recommended by IOSCO,” the statement added. Looking ahead, Senior Director of Operations at Bahrain Clear Abdulla Jaffar Abdin said that Bahrain Clear will continue to roll out a range of integrated solutions to enhance overall investor experience. Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Bahraini Dinars and a paidup capital of 1 million Bahraini Dinars.