Telecommunications Co. Zain Bahrain said it will hold extraordinary general meeting (EGM) on Thursday, October 30, 2014 at 3p.m. at The Diplomat Radisson Blu Hotel.

The meeting will discuss and approve amending the company's Articles of Association and Articles of Incorporation in order to converge from closed - end investment company to public company.

Also, they will endorse the company's listing request of its issued and paid in shares at Bahrain Stock Exchange (BSE) after obtaining the competent authorities approval.

Agenda of the EGM involves discussing the appointment of Board of Directors Independent Member after obtaining the required approvals.

In October 12, Zain Bahrain announced that its initial public offering (IPO) was covered by 100%.

The IPO was initially supposed to close on 16 September but was extended till 30 September.

IPO was open to Bahraini institutional and retail investors as well as GCC institutional investors. Based on the IPO price, the company is valued at BHD 60.8 million.

A coverage initiation report by Mubasher Financial Services on 29 September said the IPO price was at a discount to fair value. Mubasher said it values Zain Bahrain at BHD 88.2 million or BHD 0.240 per share, implying a 26 percent upside to the IPO price.