Ithmaar wins CBB approval for Dubai listing

11/01/2018 05:57 AST

Ithmaar Holding, a leading financial institution in Bahrain, said it has won final approval from the Central Bank of Bahrain (CBB) to list on the Dubai Financial Market (DFM).

This comes following the recent endorsement from UAE's Securities and Commodities Authority (SCA) for the listing.

Ithmaar, which is licensed and regulated by the CBB and is currently listed on the Bahrain Bourse and Boursa Kuwait under the ticker [ITHMR], had announced plans in 2017 to list on additional stock exchange in the region.

The plans, which were presented by an Ithmaar shareholder as an additional agenda item at the Annual General Meeting (AGM) in March last year, were approved by the shareholders who welcomed the initiative.

Welcoming the CBB's final approval, the Bahrain-based Islamic retail bank said it was working on completing the remaining formalities for the Dubai listing and would be soon announcing the listing date.

"We are pleased to announce that all required approvals are in place, and we are now finalising details with a view to complete the listing as soon as possible," remarked Ithmaar Group CEO Ahmed Abdul Rahim.

"We are deeply grateful to the CBB, SCA and DFM for their guidance and support over the past year, and we look forward to continuing to work closely with our regulators and other relevant authorities to further enhance shareholder value and contribute to our region's economic growth," he stated.

Abdul Rahim had earlier pointed out that the additional listing would open trading on Ithmaar's shares to new, exciting markets, and said that this, in turn, will create new investment opportunities for investors in the GCC markets.-

Trade Arabia