UGH listed after acquiring UGB listed shares

29/09/2017 10:04 AST

Bahrain Bourse (BHB) has announced the listing of United Gulf Holding ‘UGH’ Company post reorganization of the activities of United Gulf Bank ‘UGB’ as approved by the Central Bank of Bahrain (CBB), under which UGH acquired 100% the listed shares of UGB.

An agreement was signed between Bahrain Bourse and United Gulf Holding Company (UGH) to list the shares of the restructured entity on Bahrain Bourse (BHB) as of today, Thursday, 28th September 2017. Another agreement was also signed between Bahrain Bourse and Bahrain Clear (a wholly-owned subsidiary of Bahrain Bourse) to assign Bahrain Clear as a Share Registrar for the shares of the company.

The agreements were signed by the Chief Executive Officer of Bahrain Bourse Shaikh Khalifa bin Ibrahim Al Khalifa and the Authorized Representative of UGH, Hussain Lalani.

On this occasion, Shaikh Khalifa expressed his thanks and appreciation for the efforts and support of the Central Bank of Bahrain’s officials during the whole restructuring process to list UGH on Bahrain Bourse.

Shaikh Khalifa also praised the cooperation of the officials in UGH in meeting all the listing requirements of Bahrain Bourse on the specified dates in a way that maintained shareholders’ rights and enhanced the credibility of the procedures undertaken by BHB, and wished UGH success in its future projects.

Lalani, Authorized Representative of UGH expressed his appreciation and gratitude to the Government of the Kingdom of Bahrain and all the regulatory and supervisory authorities for making the UGB restructuring and listing of UGH a seamless process.

He also said that UGH will continue to uphold the strong governance and transparency standards set by UGB and will comply with all regulatory and disclosure requirements as applicable."

According to the agreement, the shares of United Gulf Holding Company will be traded as of Thursday, 28th September 2017, under the trading symbol (UGH) in the regular market under the Investment Sector, according to the procedures followed in the market.

According to the second agreement, Bahrain Clear will provide United Gulf Holding Company 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 resulted from dealing on the company’s shares in accordance with the rules and regulations of Bahrain Bourse.

In addition, Bahrain Clear will provide United Gulf Holding Company with online services that include real-time shareholding confirmations with the percentage of investors’ holdings’ dealings, investors’ account statements, and other periodical reports.

UGH is a public Bahraini Shareholding Company (BSC), recently incorporated in the Kingdom of Bahrain to own the entire share capital of the Bank (i.e. UGB) which will continue to operate under its existing banking license and, on the other hand, the investment assets (and certain liabilities) will be transferred from the UGB to UGH.

UGH has acquired 100% share capital of UGB (net of treasury shares), in consideration for newly issued shares of UGH at an exchange ratio of one newly issued UGH share for every two UGB shares, post fulfillment of regulatory approvals from the Central Bank of Bahrain.

BNA