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SATURDAY, DECEMBER 14, 2024
06





No to domestic Over 330,000 receive social

assistance in four months


Mohammed Darwish
TDT | Manama

ore than 330,000 people
Min Bahrain received so-
worker fee cap and August 2024, according to
cial assistance between May
figures released by the Minis-
try of Social Development. The
support provided ranged from
financial aid to meat subsidies,
benefiting a wide cross-section
of the population.
The data shows that 133,173
individuals received direct fi-
nancial assistance, while 17,694
Government rejects Shura bill to impose limit on hiring fee people relied on social security Representative picture
payments. In addition, meat
subsidies reached 185,807 in- 336 members. Officials also
• The proposed law, fuel the recruitment black dividuals, and 19 fire victims conducted 16 monitoring visits
were compensated for their and 10 institutional evalua-
market and disrupt the labour
from the Shura Council, market. losses. tions to ensure adherence to
The Ministry also highlight- standards.
The proposed law, from the
would have required Shura Council, would have ed the role of civil society or- The Ministry further em-
the Labour Market required the Labour Market ganizations, noting that 675 phasized its support for the
Regulatory Authority Regulatory Authority (LMRA) registered groups had received elderly, with 2,013 seniors at-
(LMRA) to set maximum to set maximum recruitment support. It issued 100 finan- tending programs at 13 day
fees based on nationality and
cial permits, including 53 for clubs, while 26 individuals
recruitment fees job type. Recruitment agen- fundraising, 22 for receiving were housed in a dedicated
based on nationality cies would be prohibited from funds from abroad, and 25 for shelter. Seniors also had ac-
and job type. charging employers beyond the sending money overseas. Ad- cess to 190 discounted public
ditionally, civil society organi- and private services across 61
approved limit, with extra fees
• The government or hidden charges considered zations turned to the Ministry institutions, and 41 requests
for 250 consultations, covering for assistive devices were pro-
unlawful.
stated that LMRA is The government stated that financial, legal, and technical cessed.
not a price regulator LMRA is not a price regulator, advice. Social centres hosted 89
and the proposal contradicts To strengthen local chari- awareness sessions, attended
Mohammed Darwish its intended role. “Setting a ties, the Ministry organized by 3,824 people, and in-depth
TDT | agencies maximum fee could push agen- nine training sessions, bene- social research helped 75 fam-
cies that charge less to increase fiting 215 organizations and ilies facing specific challenges.
their rates,” officials said, add-
he government has re- ing that this would lead to
jected a proposed cap higher costs for citizens. Ad- Jewellery shop
Ton domestic worker ditionally, it could prompt ex-
hiring fees, arguing it could Representative picture perienced workers to seek bet-
ter pay and conditions elsew
here. owner tricks
Risk of Underground
Market travellers into
There is also concern
about an underground mar-
ket. Agencies might bypass smuggling gold
regulations by operating off
the books, offering services
at reduced prices, or sourc-
ing workers through unau- Court slaps BD26,000 fine, seize
AlAbraaj Restaurants Group B.S.C.(c) thorized channels.
IPO Subscription Results and Allotment Basis – Final Competition and Service gold bars; Suspects lured victims
Quality with offers of free tickets
The following information pertains to the final IPO Application Results and Allotment Basis of the initial The proposal could also
public offering of AlAbraaj Restaurants Group B.S.C. (c) and accordingly supersedes the information stifle competition. With Mohammed Darwish innocent task—carry bags
published on 11 December 2024. profit margins squeezed, TDT | Manama filled with gold bars across
some businesses might turn borders. Armed with forged
PROFESSIONAL RETAIL to cheaper labour markets, jewellery shop owner invoices listing them as own-
TOTAL
APPLICANTS APPLICANTS reducing service quality and A and his accomplices ers of the gold, the travellers
limiting consumer choice. have been handed a massive were able to breeze through
BD26,000 fine for master- customs undetected, only to
Shares applied for during Government’s Response minding a bold gold smug- deliver the contraband to re-
the offer period (A) 84,161,869 shares 15,548,948 shares 99,710,817 shares
In response, the gov - gling operation that exploit- ceivers in another country.
ernment is developing ed unsuspecting travellers as As the investigation un-
Shares offered as per the 26,727,273 shares 11,454,545 shares 38,181,818 shares an electronic platform to couriers. folded, prosecutors swiftly
Prospectus (B) monitor agency pricing and The criminals were caught imposed a travel ban on the
recruitment procedures. after an extensive investi- suspects, and police began
% of total allocation as per Agencies will need to jus- gation by the Financial In- seizing their phones and
the prospectus 70.0% 30.0% 100.0% tify any fee increases above telligence National Centre scrutinizing their bank ac-
a certain threshold or risk (FINC) uncovered the shock- counts and assets. A number

Oversubscribed shares losing their license. It is ing cross-border smuggling of victims were interviewed,
(number of shares applied 61,528,999 shares also considering requiring ring. confirming that the two main
for less the number of 57,434,596 shares 4,094,403 shares regular audited financial The court handed the shop defendants had lured them
shares offered) (A - B) records from agencies and owner a hefty BD10,000 fine, into the scam with promises
working with other coun- while his two main accom- of free flights in exchange for
tries to reduce recruitment plices were jointly fined transporting luggage packed
Percentage of Subscription 314.9% 135.7% 261.1% costs and simplify hiring BD15,000. A fourth individ- with gold bars.
(A ÷ B) processes. ual, involved in the scam, was The plot thickened as in-
fined BD1,000. In addition to vestigators revealed that the
Existing Regulations the fines, police seized gold jewellery shop owner had
Already Address Concerns bars and the shop’s account supplied the forged invoic-
The government also not- ledger, revealing serious es, allowing the group to
ALLOTMENT BASIS
Based on the final results of the applications and as a number of Professional investors exceeded the maximum allocation possible of 10% of the offer size, their bid will ed that parts of the proposed offences including false fi- pass off fake buyer details
be reduced to such limit and the excess will be allocated to the retail category, allowing for a full allocation of retail investors. Professional investors will be
allotted shares as determined by the lead manager and the underwriter will acquire around 7.2 million shares. law duplicate existing reg- nancial disclosures, failure to clear customs. Mean -
Please note that the full details of the allocation mechanics are described in Section 13.3 of the Prospectus and this announcement is subject to and shall be read in conjunction with the Prospectus. In
case of any discrepancy between this announcement and the Prospectus, the Prospectus shall prevail. The decision of the Lead Manager on the basis of Allotment and on each individual Allotment ulations. Changes to Par- to report suspected money while, the fourth defendant
shall be final.
agraph (D) of Article (23) laundering, and running an was found guilty of cover-
Distribution of Allotment Notices and Refunds
Following approval from the Central Bank of Bahrain, the allotment was completed on Thursday 12 December 2024. Applicants can expect to receive their allotment notices by email and may receive mirror provisions already unlicensed business. ing up the true source of the
physical copies from Bahrain Clear, 4 th floor, Harbour Mall, Bahrain Financial Harbour, Kingdom of Bahrain starting from Thursday 12 December 2024 between 8:00am and 2:00pm, Sunday to Thursday
(excluding public holidays). covered by Paragraph (6) The sophisticated opera- gold.
Distribution of Refunds shall be processed on Sunday 15 December 2024 by the Receiving Bank to the account indicated on the Application Form
of Clause (1) of Article (4), tion preyed on innocent peo- Under intense interroga-
Commencement of Trading
Trading in the Shares of AlAbraaj on Bahrain Bourse is expected to commence on Thursday 19 December 2024 under the ticker symbol ABRAAJ. All applicants that have been allocated which already prohibit ple through deceptive social tion, the suspects admitted
shares in the IPO are then eligible to trade by opening an account with a Bahrain Bourse registered brokerage if they do not already have one.
agencies from charging be- media ads promising free air- to using the same tactics re-
yond the authorized limit. line tickets to anyone willing peatedly, evading detection
to volunteer for travel. Once and smuggling gold across
Enforcement Challenges the victims signed up, they borders under the radar for
While acknowledging the were handed a seemingly months.
need for tighter regulation,
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