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Bahrain bourse to become shareholding company

Manama, December 24, 2009

Bahrain Stock Exchange (BSE) has been given the green light to operate as a shareholding company. The BSE will be regulated within six months, officials said.

His Majesty King Hamad also issued law 57 abrogating the law decree for 1987, establishing and organising the BSE, amended by law decree 21 for 2002.

The existing BSE board will continue exercising its duties and prerogatives until measures are undertaken to regulate the BSE in line with the new law decree.

Being a financial institution licensed by the Central Bank of Bahrain (CBB), the BSE's operations will be under the CBB's supervision and control.

Under the law, the finance minister, the CBB and the BSE board will undertake the necessary measures to regulate the BSE and issue decisions in this regard as stipulated in the law on CBB and financial institutions.

The new-look BSE will be registered with the Industry and Commerce Ministry as a shareholding company, to operate in accordance with its bylaws, without contravening the law on trading companies.

Under the new law decree the company will operate as a profit-based trade institution.

Once regulated and registered with the Industry and Commerce Ministry and its board set up, the new shareholding company will replace the BSE and its appropriate intellectual properties and assets.

BSE employees will also be transferred to the new shareholding company and ensured similar rights and privileges.-TradeArabia News Service




Tags: Bahrain stock exchange | share holding company |

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