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Khaleeji Commercial Bank (KHCB), one of Bahrain's leading Islamic banks, made a presentation to the media, analysts and the BSE brokers at the Ritz-Carlton, Bahrain Hotel & Spa regarding the listing of its shares on the Bahrain Stock Exchange.
The presentation was made by senior management of the Bank including Ebrahim H Ebrahim (chief executive officer and board member), Silvan Varghese (chief operating officer) and Yaser Mudhafer (head of finance).
Mr Ebrahim said: "We are very keen on being transparent and having a constant dialogue with the investor community. Transition from closed to public listed company is a turning point in the history of the bank and the listing will enable the bank to diversify its shareholder base while providing liquidity to its exiting shareholders."
Meanwhile, KHCB held a press conference in Kuwait announcing the listing of its shares on the Bahrain Stock Exchange. The event, held at the JW Marriott Hotel, was followed by a lunch attended by members of the media, analysts, investors and brokers.
Speaking at the conference, chairman Dr Fuad Abdulla Al Omar said: "The listing will transform the bank from a closed to a public joint stock company which will allow KHCB to venture into new Sharia-compliant investment opportunities which in turn will benefit our shareholders. This will also benefit the Bank in expanding its investment portfolio in the region and beyond."
KHCB, established in November 2004, operates under a retail banking license (Islamic principles) granted by the 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.
KHCB recently reported strong results for the first quarter ended March 31, 2008. Net income for the quarter increased by 213 per cent to BD12.6 million compared to BD4 million for the corresponding period in 2007.
