Batelco names SICO as Market Maker

Batelco Group yesterday named SICO as a market maker for its shares listed on the Bahrain Bourse. The agreement between Batelco and SICO will commence on 20 January 2019 and will remain in effect until 26 June 2019 with the option to extend subject to CBB approval.

The market making mandate will be subject to holding no more than 3 per cent of the total issued shares Batelco Group CEO Ihab Hinnawi said, “The objective of entering into the market making program is to enhance liquidity over time to reflect the share’s intrinsic value and the company’s solid performance.” Batelco, according to Najla Al Shirawi, CEO of SICO, has a market cap of approximately USD 1.2 bn and a current 6.2% weightage on the Bahrain Bourse All Share Benchmark Index