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Article 39

The listing of joint stock companies' securities shall be subject to the following conditions:

1— The company must comply with all the terms stipulated by Decree Law No. 28 of 1975, in respect of the Commercial Companies Law, as amended.
2— The company should have been established for at least two Gregorian years, and issued two audited balance sheets.
3— The paid-up capital of the company should not be less than BD500,000, or the equivalent in other currencies. And the number of issued shares shall not be less than 500,000 shares. Any additional shares should be at least 50% fully paid-up.
4— The value of the issued shares of the company in the market should not be less than the paid-up percentage of the nominal value of each share.
5— The volume of trading in the company's shares shall not be less than the minimum limit prescribed by the Exchange.
6— The number of shareholders registered in the company's register shall not be less than 100.
7— The shareholders' rights in the company should rank parri passu regarding each class of shares.
8— The total net assets of the company should exceed 20% of its paid-up capital.
9— The total annual turnover should not be less than BD500,000.
10— The company should have realized profits in two successive years preceding to the date of application.
11— The company should issue a half-yearly balance sheet.
12— The company should issue the annual financial reports and the audited financial statements within three months from the end of the company's financial year(1).
13— The ordinary general meeting must be held at least once every year, within the three months allowing the end of the company's financial year(2).
14— The company should have a transfer and registration office in Bahrain.
15— The company should comply with the provisions of the joint stock companies listing agreement.
16— The financial position of the company should be sound in terms of its assets, liquidity, financial structure and efficiency of performance.
17— The company should undertake to publish its balance sheet and the results of its operations in the daily newspapers, before its shares are allowed to trade on the Exchange.
18— Any other conditions, stipulated by the Board from time-to-time.

(1) Amended by Ministerial Resolution No. 4/1999, amending certain provisions of The Bahrain Stock Exchange Internal Regulation.

(2) Amended by Ministerial Resolution No. 4/1999, amending certain provisions of The Bahrain Stock Exchange Internal Regulation.