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Zain Bahrain, Bahrain Bourse ink share registrar agreement

Zain Bahrain, Bahrain Bourse ink share registrar agreement
ZAIN
ZAIN
-0.81% 491.00 -4.00
An agreement was signed between Bahrain Bourse (BHB) and Zain Bahrain to assign BHB as a share registrar for the shares of the telecommunications company.

The agreement was signed by Bahrain Bourse chief executive Shaikh Khalifa bin Ebrahim Al Khalifa and Zain Bahrain general manager Mohammed Zainalabedin.

According to the agreement, Bahrain Bourse will provide Zain Bahrain with a variety of services that includes maintaining a record of the share register that holds the shares in electronic form, and updating the data of the registry as a result of dealing on the company's shares in accordance with the rules and regulations of the bourse and other related services.

In addition, Zain Bahrain will provide BHB with electronic reports on the transfer of ownership resulting from executed transactions on the shares of the company as well as the percentage of investors' holdings, investors' account statements, and other periodical reports.

In related development , Zain Bahrain said it will hold extraordinary general meeting (EGM) on Thursday, October 30, 2014 to endorse the company's listing request of its issued and paid in shares at Bahrain Stock Exchange (BSE) after obtaining the competent authorities approval.

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.