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Khaleeji Commercial Bank (KHCB), one of Bahrain's leading Islamic banks, announced that its shares will be listed on the Bahrain Stock Exchange (BSE) and would commence trading tomorrow. The Bank is currently under conversion from a closed shareholding company to a public joint stock company.
KHCB, established in November 2004, operates under a retail banking licence (Islamic principles) granted by the Central Bank of Bahrain (CBB), with a paid up capital of BD100 million divided into 1,000,000,000 ordinary shares.
Originally, KHCB was a fully owned subsidiary of Gulf Finance House with a paid up capital of BD30 million. The bank increased its capital in 2007 when several large and reputable regional institutions including Al Imtiaz Investment Company, Kuwait, Emirates Islamic Bank, Qatar Islamic Bank, Bahrain Islamic Bank, Awqaf & Minor Affiars, Dubai and Mena Real Estate Company, Kuwait became strategic shareholders.
Dr Fuad Abdulla Al Omar, chairman of KHCB said: "Transition from closed to public listed company is a turning point in the history of the bank. The listing will enable the bank to diversify its shareholder base while providing liquidity to its exiting shareholders."
Ebrahim H Ebrahim, CEO and board member of KHCB said: "In the last three years since establishment of the bank, we have performed very well on all fronts. Supported by strong financial performance, listing of the shares on the BSE is a natural step in the evolution of the Bank as a leading player in the local and regional banking sector. We also believe that the listing will enhance its position among the investors in the regional capital markets. We will continue to build a sustainable business and enhance shareholder returns in the future."
