Manama: Silah Gulf (Silah), a portfolio company of Bahrain Mumtalakat Holding Company, has officially commenced trading on the Bahrain Bourse under the trading symbol 'SILAH'. The listing was marked by a ringing bell ceremony, a significant event highlighting the start of trading on Silah shares in the "Mainboard Market".
According to Bahrain News Agency, the ceremony was attended by prominent figures including Khalid Humaidan, Governor of the Central Bank of Bahrain; Shaikh Abdulla bin Khalifa Al Khalifa, CEO of Mumtalakat; Mohamed Al Qaed, Chairman of Silah; Shaikh Khalifa bin Ebrahim Al Khalifa, CEO of Bahrain Bourse; Najla Al Shirawi, Group CEO of SICO; and Yaser Al Sharifi, Group CEO of BBK. Additionally, the Board Members and executive management of Bahrain Bourse and Bahrain Clear, along with senior representatives from various entities and stakeholders, were present.
The Silah IPO transaction was finalized on January 26, with 16.3 million shares offered at BHD 0.176 per share. This offering represented 30% of the company's total issued post-IPO share capital, amassing a total value of BHD 2.9 million. The IPO experienced strong retail and professional demand, resulting in a subscription of 4.0 times, equating to 64.9 million shares. The total demand surpassed BHD 11.4 million, with 97% of the subscriptions submitted via Bahrain Clear's eIPO Portal.
Shaikh Khalifa bin Ebrahim expressed satisfaction with Silah Gulf's listing under the Information Technology Sector on Bahrain Bourse, emphasizing its significance in diversifying market sectors. He noted that the listing demonstrates Silah's dedication to innovation and growth, offering investors an opportunity to engage with a prominent player in the Information Technology industry.
Mohamed Al Qaed remarked that the official listing on Bahrain Bourse is a pivotal milestone for the company. He highlighted that this step showcases Silah's operational strength, sustainable performance, and adherence to governance and transparency standards, thereby reinforcing investor confidence and supporting growth and regional expansion. Al Qaed added that the listing contributes to strengthening the national economy and enhancing Bahrain's role as a regional leader in customer experience, communications, and digital innovation, in line with Bahrain Economic Vision 2030.
Najla Al Shirawi expressed pride in her role as lead manager for the Silah Gulf IPO. She detailed their responsibilities, which included conducting due diligence, performing a comprehensive financial valuation, and coordinating with stakeholders to complete the regulatory process and obtain necessary approvals. She emphasized that the successful listing reflects strong collaboration among all parties involved and extended appreciation to partners for their contributions.
Silah Gulf will trade under the symbol 'SILAH' in the Initial Listing Market for six months before transitioning to the Regular Market under the Information Technology Sector. With Silah's listing, the total number of listed companies on Bahrain Bourse has increased to 41.
Silah operates as a customer experience and business process outsourcing service provider in Bahrain, Saudi Arabia, and Kuwait, under the Bahrain Mumtalakat Holding Company.