august 2004 2004¢ù£°ùzcg - bahrain bourse
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AugustIndex (points)
Change (points)*
Change (%)*
BSE Composite 2,808.80 256.31 10.04% Commercial Banks 3,561.92 447.14 14.36% Investment 1,738.22 49.15 2.91% Insurance 2,497.95 74.36 3.07% Services 2,706.49 228.05 9.20% Industrial 2,543.54 0.00 0.00% Hotel & Tourism 3,008.89 306.49 11.34% *Compared with last month . *
Oct- 03
Aug -03
Se p-0
. 1672.40 1753.38
. 2808.80
10.47
21.36 . 1,499
25 %56.82 44 5 4 6 4 6 . 3 18
.
Market Performance
closing at 1672.40, 2808.80, and 1753.38 points
for the Bahrain All Share, BSE, and Esterad Indices
respectively.
exchanged hands, along with the number of
executed trades increased, in comparison to last
month, recording amounts of BD10.47m, 21.56m
shares, and 1,499 transactions respectively.
Out of the 44 companies listed on the Exchange, 25
traded, representing 56.82%, of which 5 companies
were in the commercial banks sector, 6 in the
investment sector, 4 in the insurance sector, 6 in the
services sector, 4 in the hotel and tourism sector.
During the month 18 share prices advanced while 3
declined and the rest remained unchanged.
Indices vs Value of Shares Traded
August 2004 2004 ¢ù£°ùZCG
w w w . b a h r a i n s t o c k . c o m
Bahrain All Share Index () ()* *(%)
Index (points)
Change (points)* Change (%)*
BSE Composite 1,672.40 139.74 9.12% Commercial Banks 2,011.26 252.48 14.36% Investment 1,377.96 71.32 5.46% Insurance 1,783.65 18.59 1.05% Services 1,659.69 136.92 8.99% Industrial 1,313.01 0.00 0.00% Hotel & Tourism 1,983.66 193.25 10.79% *Compared with last month . *
Value Traded (Million BD)
Estrad Index
(á£≤f) øjôëÑdG öTDƒe
Esterad Index () ()* *(%)
Index (points)
Change (points)*
BSE News Headlines
• The Bank of Baharain & Kuwait has joined the consortium to provide a US$1.4bn loan for Abu Dhabi based Dolphin Energy. The loan from 16 banks is to partly finance the construction and operation of the project to deliver gas from Qatar’s North Field to the UAE.
• The BSE listed a BD40m leasing Sukuk issue that was issued by BMA on behalf of the Government of Bahrain.
• Ahli United Bank has announced a net profit of US$62.8m for the six months ended 30 June 2004, an increase of 27.2% over the same period in 2003 ( US$49.4m).
• The BMA announced that the BD10m weekly issue of government treasury bills has been oversubscribed by 162%.
• ABC announced a net profit of $506m for the first half of this year. During the same period last year the bank announced a bottom line figure of $96m. ABC is to distribute an interim dividend of $300m to shareholders.
• BankMuscat announced it has picked up 75m shares worth Rs300m in India’s Centurion Bank’s rights issue. Raising its stake in the latter to 33% from 26%.
• United Paper Industries announced a net profit of BD114,963 for the 2H04, compared to BD 133,920 during the corresponding period last year.
1.4 • (Dolphin Energy)
.
•
. 40
27.2% • 49.4 62.8
.
• . 10
506 • 96 2004
300 . .
%33 %26 • . 300 45
114,963 • 31 2004
. 133,920
Com merc
ial Ba
nk s
Inv est
men t
Ins ura
nc e
Se rvi
Jul - 0
Total Trading Activity
0
1
2
3
4
5
6
Inv est me nt
Ins ura nc e
Clo sed Co mp an y
No n-B ah rai ni Co .
Pre fer ed Sh are s
5. 26 8
2. 37 2
0. 19 0
2. 34 3
0. 00 2
0. 29 4
0. 00 0
0. 00 0
0. 00 0
Inv est me nt
Ins ura nc e
Clo sed Co mp an y
No n-B ah rai ni Co .
Pre fer ed Sh are s
14 .9 74
1. 97 4
0. 49 0
2. 94 5
0. 00 0
0. 00 0
0. 00 0
0
100
200
300
400
500
600
700
800
Inv est me nt
Ins ura nc e
Clo sed Co mp an y
No n-B ah rai ni Co .
Pre fer ed Sh are s
61 3
26 7
Market Daily Average
Current Month Previous Month Change
Total Trading Days 22 21 1 Average Value of Shares (B.D) 475,878 393,620 82,258 () Average Volume of Shares 970,873 748,486 222,386 Average No. of Transactions 68 63 5
Most Active Company - By Value -
Company Name
Value Rank
Ahli United Bank 2,302,992.30 1 Bank of Bahrain and Kuwait 1,915,259.37 2 Bahrain Telecommunications Co. 1,603,763.89 3 () Arab Banking Corporation 1,254,175.51 4 National Bank of Bahrain 680,926.09 5 Total 7,757,117,158
Market Activity
()
()
()
/ ()
/ %
Company Name
High Price BD
Low Price BD
Closing Price BD
(times) ROE (%)
Share Turnover
(%)Change* P/E
Ratio (Times)
Dividend Yield (%)
National Bank of Bahrain 0.960 0.902 0.960 0.055 19.29 3.65% 2.61 13.53% 0.16% Bank of Bahrain & Kuwait 0.710 0.598 0.699 0.102 17.06 4.29% 2.80 16.39% 0.48% Ahli United Bank ($) 0.720 0.59 0.72 0.12 21.50 3.32% 2.00 9.30% 0.33% ($) Bahraini Islamic Bank 0.310 0.289 0.310 0.021 28.93 3.23% 1.78 6.16% 0.43% The Bahraini Saudi Bank 0.134 0.133 0.133 -0.001 17.71 0.00% 2.51 14.18% 0.23% Commercial Banks Sector 19.84 3.58% 2.30 11.56% 0.32%
Gulf Monetary Group - - 0.035 0.000 NM 0.00% 0.94 NM 0.00% Arab Banking Corporation ($) 17.000 15.000 16.90 1.80 14.08 4.14% 1.07 7.57% 0.20% ($) United Gulf Bank 0.218 0.195 0.214 0.018 12.53 6.07% 1.74 13.92% 0.03% Investcorp Bank ($) 1500.00 1500.00 1500.00 0.00 13.31 3.33% 1.03 7.74% 0.01% ($) Bahrain & Middle East Bank - - 0.017 0.000 NM 0.00% 0.38 NM 0.00% Bahrain Commercial Facilities Co. 0.760 0.696 0.760 0.062 13.37 4.61% 2.83 21.14% 0.54% United Gulf Industries Co. - - 0.090 0.000 40.72 0.00% 0.94 2.31% 0.00% Taib Bank ($) - - 0.90 0.00 43.53 0.00% 0.72 1.66% 0.00% ($) Shamil Bank of Bahrain ($) - - 1.71 0.00 17.63 4.39% 1.39 7.91% 0.00% ($) Esterad Investment Co. 0.895 0.822 0.895 0.068 8.50 5.03% 1.74 20.42% 0.49% Gulf Finance House ($) 1.260 1.200 1.26 0.00 16.64 11.90% 4.89 16.20% 0.13% ($) Investment Sector 14.62 3.71% 1.26 8.72% 0.13%
Bahrain Kuwait Insurance Co. 0.450 0.444 0.450 0.000 16.83 4.44% 1.52 9.03% 0.35% Al-Ahlia Insurance Co. - - 0.339 0.000 11.92 2.95% 2.05 17.20% 0.00% Arab International Insurance Co. - - 0.080 0.000 NM 0.00% 0.87 NM 0.00% Takaful Insurance Co. - - 0.249 0.000 33.84 2.41% 2.12 6.26% 0.00% Arab Insurance Group ($) 0.970 0.930 0.930 -0.01 18.44 0.00% 1.09 5.89% 0.17% ($) Bahrain National Holding Co. 0.356 0.338 0.356 0.021 15.10 4.21% 1.51 9.99% 0.06% Insurance Sector 17.20 2.18% 1.34 7.92% 0.14%
Bahrain Ship Repairing & Eng. Co. - - 1.440 0.000 18.37 3.47% 1.02 5.57% 0.00% Bahrain Cinema Co. 0.697 0.694 0.697 0.003 9.63 4.30% 1.19 12.39% 0.05% General Trading & Food Process. Co. 0.451 0.437 0.449 0.007 15.55 2.23% 1.85 11.90% 1.30% Bahrain Maritime & Mercn. Int. Co 1.155 0.972 1.010 0.015 8.75 4.95% 3.79 43.31% 0.51% Bahrain Telecommunications Co. 0.960 0.812 0.920 0.087 15.17 4.89% 3.24 21.38% 0.17% () Bahrain Car Parks Co. 0.190 0.182 0.190 0.007 11.42 5.26% 1.31 11.51% 0.02% Bahrain Duty Free Shop Complex 1.340 1.320 1.340 0.040 17.82 2.99% 2.87 16.12% 0.18% Services Sector 14.39 4.69% 3.01 20.94% 0.21%
Bahrain Flour Mills Co. 0.305 0.305 0.305 0.000 9.35 4.92% 0.59 6.34% 0.03% Delmon Poultry Co. - - 0.290 0.000 10.51 5.17% 0.78 7.45% 0.00% Industrial Sector 9.97 5.03% 0.69 6.89% 0.01%
Bahrain Hotels Co. 0.480 0.424 0.480 0.054 26.57 4.17% 2.05 7.72% 0.28% National Hotels Co. 0.240 0.240 0.240 0.010 23.35 3.33% 0.86 3.69% 0.01% Bahrain Tourism Co. 0.277 0.233 0.277 0.041 20.60 3.61% 1.15 5.60% 0.76% Bahrain Family Leisure Co. 0.096 0.096 0.096 -0.001 63.76 0.00% 1.03 1.61% 0.13% Hotel & Tourism Sector 24.82 3.43% 1.33 5.36% 0.30% Total Market 16.19 3.85% 1.77 10.81% 0.22%
Al Khaleej Development Co. - - 1.120 0.000 10.46 2.68% 0.91 8.72% 0.00% Securities & Investment Co. - - - - - - 0.00 9.46% - United Paper Industries - - 0.350 0.000 7.93 4.29% 1.65 20.85% 0.00% Closed Company Sector 10.46 11.21% 0.44 10.16% 0.00%
BankMuscat - - 6.000 0.000 13.53 4.04% 2.12 15.64% 0.00% International Investment Group - - 0.404 0.000 36.82 0.00% 4.03 10.93% 0.00% International Investor - - - - - - - 1.63% - Sudan Telecommunications Co. ($) - - 17.500 0.00 7.27 3.91% 1.36 18.72% 0.00% ($) Qatar Telecom ($) - - 47.000 0.000 14.88 4.27% 5.99 40.26% 0.00% ($) United Finance Company (SAOG) - - 5.700 0.000 12.88 4.14% 1.83 14.24% 0.00% (...) Non-Bahraini Co Sector 13.53 3.97% 3.31 24.47% 0.00% * Change Compared To Last Month’s Closing. NM: Not Meaningful
. * :NM
Monthly Trading Activity
Company Name
Traded (BD)
% of Total Volume
of Shares Traded
No. of Transactions
National Bank of Bahrain 680,926.090 6.50% 745,224 3.49% 36 Bank of Bahrain & Kuwait 1,915,259.370 18.29% 3,019,051 14.13% 300 Ahli United Bank 2,302,992.300 22.00% 9,711,148 45.47% 225 Bahrain Islamic Bank 309,062.200 2.95% 1,048,946 4.91% 49 The Bahraini Saudi Bank 59,900.000 0.57% 450,000 2.11% 3 Commercial Banks Sector 5,268,139.960 50.32% 14,974,369 70.11% 613 Gulf Monetary Group 0.000 0.00% 0 0.00% 0 Arab Banking Corporation 1,254,175.510 11.98% 202,430 0.95% 57 United Gulf Bank 53,763.150 0.51% 258,914 1.21% 25 Investcorp Bank 60,508.500 0.58% 107 0.00% 3 Bahrain Middle East Bank 0.000 0.00% 0 0.00% 0 Bahrain Commercial Facilities Co. 408,081.310 3.90% 574,675 2.69% 54 United Gulf Industries Co. 0.000 0.00% 0 0.00% 0 Taib Bank 0.000 0.00% 0 0.00% 0 Shamil Bank of Bahrain 0.000 0.00% 0 0.00% 0 Esterad Investment Co. 348,258.410 3.33% 413,281 1.93% 92 Gulf Finance House 246,833.400 2.36% 524,450 2.46% 36 Investment Sector 2,371,620.280 22.65% 1,973,857 9.24% 267 Bahrain Kuwait Insurance Co. 78,670.000 0.75% 175,000 0.82% 7 Al-Ahlia Insurance Co. 0.000 0.00% 0 0.00% 0 Arab International Insurance Co. 0.000 0.00% 0 0.00% 0 Takaful International Co. 0.000 0.00% 0 0.00% 0 Arab Insurance Group (Arig) 90,915.910 0.87% 253,616 1.19% 27 Bahrain National Holding Co. 20,807.740 0.20% 61,088 0.29% 9 Insurance Sector 190,393.650 1.82% 489,704 2.29% 43 Bahrain Ship Repairing & Eng. Co. 0.000 0.000% 0 0.000% 0 Bahrain Cinema Co. 7,922.890 0.08% 11,486 0.05% 4 General Trading & Food Proc. Co. 295,154.630 2.82% 665,681 3.12% 81 Bahrain Maritime & Mercantile Intl. Co. 367,579.860 3.51% 371,400 1.74% 40 Bahrain Telecommunications Co. 1,603,763.890 15.32% 1,828,932 8.56% 363 () Bahrain Car Parks Co. 3,340.000 0.03% 18,000 0.08% 2 Bahrain Duty Free Shop Complex 65,174.000 0.62% 49,200 0.23% 4 Services Sector 2,342,935.270 22.38% 2,944,699 13.79% 494 Bahrain Flour Mills Co. 2,110.000 0.02% 7000 0.03% 4 Delmon Poultry Co. 0.000 0.00% 0 0.00% 0 Industrial Sector 2,110.000 0.020% 7,000 0.03% 4 Bahrain Hotels Co. 136,229.220 1.30% 308,069 1.44% 35 National Hotels Co. 2,400.000 0.02% 10,000 0.05% 1 Bahrain Tourism Co. 150,687.250 1.44% 601,500 2.82% 41 Bahrain Family Leisure Co. 4,800.000 0.05% 50,000 0.23% 1 Hotel & Tourism Sector 294,116.470 2.81% 969,569 4.54% 78 Al Khaleej Development Co. 0.000 0.00% 0 0.00% 0 Securities & Investment Co. 0.000 0.00% 0 0.00% 0 United Paper Industries 0.000 0.00% 0 0.00% 0 Closed Company Sector 0.000 0.00% 0 0.00% 0 BankMuscat 0.000 0.00% 0 0.00% 0 International Investment Group 0.000 0.00% 0 0.00% 0 International Investor 0.000 0.00% 0 0.00% 0 Sudan Telecommunications s Co. 0.000 0.00% 0 0.00% 0 Qatar Telecom 0.000 0.00% 0 0.00% 0 United Finance Company (SAOG) 0.000 0.00% 0 0.00% 0 (...) Total Non-Bahraini Co. 0.000 0.00% 0 0.00% 0 Investcorp Preferred Shares 0.000 0.00% 0 0.00% 0 Total Preferred Shares Sector 0.000 0.00% 0 0.00% 0 Total Market 10,469,315.630 100.00% 21,359,198 100.00% 1,499
Company Name ()
Total Market Capitalisation (BD)
% of Total Market Capitalisation
National Bank of Bahrain 432,000,000 9.03% Bank of Bahrain & Kuwait 397,774,688 8.31% Ahli United Bank 705,744,000 14.75% Bahrain Islamic Bank 71,300,000 1.49% The Bahraini Saudi Bank 26,600,000 0.56% Commercial Banks Sector 1,633,418,688 34.13%
Gulf Monetary Group 11,200,000 0.23% Arab Banking Corporation 637,130,000 13.31% United Gulf Bank 171,200,000 3.58% Investcorp Bank 452,400,000 9.45% Bahrain Middle East Bank 6,175,041 0.13% Bahrain Commercial Facilities Co. 76,000,000 1.59% United Gulf Industries Co. 11,301,175 0.24% Taib Bank 34,580,131 0.72% Shamil Bank of Bahrain 148,274,100 3.10% Esterad Investment Company 71,474,700 1.49% Gulf Finance House 194,326,364 4.06% Investment Sector 1,814,061,511 37.91%
Bahrain Kuwait Insurance Co. 22,500,000 0.47% Al-Ahlia Insurance Co. 10,170,000 0.21% Arab International Insurance Co. 3,122,396 0.07% Takaful International Co. 12,450,000 0.26% Arab Insurance Group (Arig) 52,591,500 1.10% Bahrain National Holding Co. 33,286,000 0.70% Insurance Sector 134,119,896 2.80%
Bahrain Ship Repairing & Eng. Co. 11,520,000 0.24% Bahrain Cinema Co. 16,017,018 0.33% General Trading & Food Proc. Co. 22,690,846 0.47% Bahrain Maritime & Mercantile Intl. Co. 72,592,740 1.52% Bahrain Telecommunications Co. 920,000,000 19.23% () Bahrain Car Parks Co. 13,360,274 0.28% Bahrain Duty Free Shop Complex 35,376,000 0.74% Services Sector 1,091,556,878 22.81%
Bahrain Flour Mills Co. 6,557,500 0.14% Delmon Poultry Co. 8,624,739 0.18% Industrial Sector 15,182,239 0.32%
Bahrain Hotels Co. 49,277,860 1.03% National Hotels Co. 24,000,000 0.50% Bahrain Tourism Co. 19,944,000 0.42% Bahrain Family Leisure Co. 3,840,000 0.08% Hotel & Tourism Sector 97,061,860 2.03% Total Market 4,785,401,071 100.00%
Al Khaleej Development Co. 8,444,800 68.69% Securities & Investment Co. - - United Paper Industries 3,850,000 31.31% Closed Company Sector 12,294,800 100.00%
BankMuscat 358,892,130 14.55% International Investment Group 88,653,760 3.59% International Investor - - Sudan Telecommunications Co. 230,849,332 9.36% Qatar Telecom 1,771,900,000 71.84% United Finance Company (SAOG) 16,258,297 0.66% (...) Total Non-Bahraini Companies 2,466,553,519 100.00%
Investcorp Preferred Shares 79,170,000 100.00% Total Preferred Shares Sector 79,170,000 100.00%
Market Capitalisation (BD) ()
Mutual Funds
Issue Manager Fund Name NAV Type Objectives
Islamic Development Bank Unit Investment Fund $1.0199 Open Best possible returns
SICO Funds Company EC SICO Selected Securities BHD 0.1604 Open M/T to L/T capital appreciation
SICO Funds Company EC SICO Assured International Fund (SAIF)
$962.000 Closed To achieve capital appreciation while at the same time offering a protection on the downside risk
SICO Funds Company EC Khaleej Equity Fund BHD 111.600 Open
Is to seek long-term capital appreciation. The Fund will aim to achieve this investment objective by investing principally in equity securities listed on the stock markets of GCC Countries
MAN - AHLI Investment Bank E.C. MAN-AHLI Guaranteed 360 E.C. $1,442.98 Open M/T growth reflected in the value of the Bonds
MAN - AHLI Investment Bank E.C. MAN-AHLI Prisma Guaranteed E.C.
$1,435.87 Open M/T capital appreciation
MAN - AHLI Investment Bank E.C. MAN - AHLI Guaranteed 220 plus E.C.
$1,320.01 Open M/T growth reflected in the value of the Bonds
TAIB Bank E.C. Everest Fund $19.66 Open Attain the highest total return consistent with Prudent risk
TAIB Bank E.C. American Explorer Fund, Ltd $95.30 Open
Seeks to maximize capital appreciation from investing globally in public companies in the technology sector through Sub Investment Managers or other funds
TAIB Bank E.C. Taib Healthsciences Fund (Prev. Biomed Fund)
$83.26 Open L/T capital appreciation
TAIB Bank E.C. Taib Crescent Global Fund $67.28 Open Attain capital appreciation
TAIB Bank E.C. Taib Rocky Mountain Fund $107.52 Open L/T capital appreciation
TAIB Bank E.C. Taib Thames Fund $90.32 Open L/T capital appreciation
TAIB Bank E.C. Taib Technology Growth Fund $33.56 Open L/T capital appreciation
TAIB Bank E.C. Taib Currency Fund $89.85 Open Long-term capital appreciation
TAIB Bank E.C. Taib Income Fund $89.11 Open To earn steady income
Banque Nationale de Paris Caravan Fund $1,200.84 Open High long term total return
First Arabian Equity 2000 Fund First Arabian Equity 2000 Fund $18.38 Open L/T capital growth
Gulf International Bank Global Equity Fund $119.89 Open
To track closely the MSCI world free index in US dollars avoiding invetment in companies primarily associated with industries dealing in non-islamic sectors
Gulf International Bank Enhanced Liquidity Fund $100.07 Open To generate investment returns in excess of one month US dollar LIBOR plus 0.25%
Gulf International Bank Falcon Emerging Market Bond Fund
$857.75 Open To achieve a high total return relative to the benchmark index
Gulf International Bank Falcon US Dollar High Yield Fund
$103.82 Open To achieve a high total return relative relative to the benchmark index
Gulf International Bank High Yield Defensive Fund $871.19 Open
To generate income in excess of its benchmark with limited volatility of principal through an actively managed portfolio of high yield securities
Gulf International Bank Falcon US Long/ Short Equity Fund. (Class A)
$118.78 Open To seek to achieve consistent monthly and annual capital appreciation
Gulf International Bank Falcon Relative Value Fund. $179.87 Open To seek to generate a rate of return in excess of LIBOR.
Gulfinvest Fund International KSC Trust Capital Guaranteed GCC Fund
BHD 1.199 Closed
Gulfinvest Fund International KSC Trust Capital Guaranteed GCC with Minimum Return Fund
BHD 1.093 Closed
BHD 1.177 Closed
ABC Securities 2808 17-535760 17-533012
Abdulla Zain Al-Abedin 1297 17-246661 17-246661
Ahli United Bank 5941 17-221717 17-214485
Bank of Bahrain & Kuwait Financial Services 597 17-229993 17-216164
Gulf Securities 11884 17-272578 17-258780
IndoGulf Securities 33620 17-227778 17-215231
Nassir Abbas Khosrou 20330 17-270661 17-271267
Securities & Investments Co. 1331 17-540666 17-540665
TAIB Securities Co. 20485 17-532324 17-531499
Gulfinvest Securities 10106 17-251888 17-250800
Global Investment House 855 17-210011 17-210222
U.G.B Securities 5964 17-533233 17-533137
Yousif Al-Ajaji 17 17-256035 17-262948
Preferred shares
(Shares)
Closing Price (US$)
Investcorp’s Preferred shares 0 0.000 0 1,050.00
Brokers’ List
Maturity
Coupon Rate
Long term Government Bonds BD 100,000,000 2029 100% Par Value 1.71% **
BCFC Bonds (3rd issue) BD 8,000,000 2005 BD 100 5% **
BCFC Bonds (4th issue) BD 7,000,000 2006 BD 100 5% **
Islamic Govt. Leasing Sukuk $ 100,000,000 2006 $10,000 5.25%*
Islamic Govt. Leasing Sukuk (Second Issue) $ 70,000,000 2005 100% Par Value 4.25% ) (
Islamic Govt. Leasing Sukuk (Third Issue) $ 80,000,000 2007 100% Par Value 4.00%
) (
Islamic Govt. Leasing Sukuk (Fourth Issue) $50,000,000 2005 100% Par Value 3.00% ) (
Islamic Govt. Leasing Sukuk (Fifth Issue) $80,000,000 2006 100% Par Value 3.00% (
)
Islamic Govt. Leasing Sukuk (Sixth Issue) $100,000,000 2008 100% Par Value 3.75% (
) ALBA Floating Rate Bonds 2013 $200,000,000 2013 $1,000 2.1135% 2013 - Government Islamic Leasing Securities - 2008 (7th Issue)
$250,000,000 2008 $10,000 2.182% 2008 -
( ) Convertible Bonds United Finance Company SAOG-2008
RO 500,000 ($ 1,300,000)
2008 RO 1.00 ($ 2.6) 6.00%
(...)
Malaysian Global Sukuk - 2007 $600,000,000 2007 $10,000 LIBOR +0.95% p.a 2007 -
United Gulf Bank Bond - 2006 $60,000,000 2006 - 2008 $100,000 1% P.A.+3 months
Libor 2006 -
Islamic Government Leasing Sukuk (Eighth Issue)-2006 $50,000,000 2006 100% 1.53%
2006 )- (
National Industries Group Holding $60,000,000 2009 $100,000 0.9% P.A. + LIBOR
for 6-month U.S.
The Kingdom of Bahrain Notes - 2008 $500,000,000 2008 1000 -10000
-100000 4.0% 2008
BMA International Sukuk Company (SPC)2009 $250,000,000 2009 $10,000 LIBOR +0.45% 2009
Ijarah Sukuk In Bahraini Dinar By BMA BD 40,000,000 2014 BD 10,000 5.125% p.a.
* Fixed Interest Rate. ** 0.50% Over LIBOR
Change (points)*
Change (%)*
BSE Composite 2,808.80 256.31 10.04% Commercial Banks 3,561.92 447.14 14.36% Investment 1,738.22 49.15 2.91% Insurance 2,497.95 74.36 3.07% Services 2,706.49 228.05 9.20% Industrial 2,543.54 0.00 0.00% Hotel & Tourism 3,008.89 306.49 11.34% *Compared with last month . *
Oct- 03
Aug -03
Se p-0
. 1672.40 1753.38
. 2808.80
10.47
21.36 . 1,499
25 %56.82 44 5 4 6 4 6 . 3 18
.
Market Performance
closing at 1672.40, 2808.80, and 1753.38 points
for the Bahrain All Share, BSE, and Esterad Indices
respectively.
exchanged hands, along with the number of
executed trades increased, in comparison to last
month, recording amounts of BD10.47m, 21.56m
shares, and 1,499 transactions respectively.
Out of the 44 companies listed on the Exchange, 25
traded, representing 56.82%, of which 5 companies
were in the commercial banks sector, 6 in the
investment sector, 4 in the insurance sector, 6 in the
services sector, 4 in the hotel and tourism sector.
During the month 18 share prices advanced while 3
declined and the rest remained unchanged.
Indices vs Value of Shares Traded
August 2004 2004 ¢ù£°ùZCG
w w w . b a h r a i n s t o c k . c o m
Bahrain All Share Index () ()* *(%)
Index (points)
Change (points)* Change (%)*
BSE Composite 1,672.40 139.74 9.12% Commercial Banks 2,011.26 252.48 14.36% Investment 1,377.96 71.32 5.46% Insurance 1,783.65 18.59 1.05% Services 1,659.69 136.92 8.99% Industrial 1,313.01 0.00 0.00% Hotel & Tourism 1,983.66 193.25 10.79% *Compared with last month . *
Value Traded (Million BD)
Estrad Index
(á£≤f) øjôëÑdG öTDƒe
Esterad Index () ()* *(%)
Index (points)
Change (points)*
BSE News Headlines
• The Bank of Baharain & Kuwait has joined the consortium to provide a US$1.4bn loan for Abu Dhabi based Dolphin Energy. The loan from 16 banks is to partly finance the construction and operation of the project to deliver gas from Qatar’s North Field to the UAE.
• The BSE listed a BD40m leasing Sukuk issue that was issued by BMA on behalf of the Government of Bahrain.
• Ahli United Bank has announced a net profit of US$62.8m for the six months ended 30 June 2004, an increase of 27.2% over the same period in 2003 ( US$49.4m).
• The BMA announced that the BD10m weekly issue of government treasury bills has been oversubscribed by 162%.
• ABC announced a net profit of $506m for the first half of this year. During the same period last year the bank announced a bottom line figure of $96m. ABC is to distribute an interim dividend of $300m to shareholders.
• BankMuscat announced it has picked up 75m shares worth Rs300m in India’s Centurion Bank’s rights issue. Raising its stake in the latter to 33% from 26%.
• United Paper Industries announced a net profit of BD114,963 for the 2H04, compared to BD 133,920 during the corresponding period last year.
1.4 • (Dolphin Energy)
.
•
. 40
27.2% • 49.4 62.8
.
• . 10
506 • 96 2004
300 . .
%33 %26 • . 300 45
114,963 • 31 2004
. 133,920
Com merc
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Market Daily Average
Current Month Previous Month Change
Total Trading Days 22 21 1 Average Value of Shares (B.D) 475,878 393,620 82,258 () Average Volume of Shares 970,873 748,486 222,386 Average No. of Transactions 68 63 5
Most Active Company - By Value -
Company Name
Value Rank
Ahli United Bank 2,302,992.30 1 Bank of Bahrain and Kuwait 1,915,259.37 2 Bahrain Telecommunications Co. 1,603,763.89 3 () Arab Banking Corporation 1,254,175.51 4 National Bank of Bahrain 680,926.09 5 Total 7,757,117,158
Market Activity
()
()
()
/ ()
/ %
Company Name
High Price BD
Low Price BD
Closing Price BD
(times) ROE (%)
Share Turnover
(%)Change* P/E
Ratio (Times)
Dividend Yield (%)
National Bank of Bahrain 0.960 0.902 0.960 0.055 19.29 3.65% 2.61 13.53% 0.16% Bank of Bahrain & Kuwait 0.710 0.598 0.699 0.102 17.06 4.29% 2.80 16.39% 0.48% Ahli United Bank ($) 0.720 0.59 0.72 0.12 21.50 3.32% 2.00 9.30% 0.33% ($) Bahraini Islamic Bank 0.310 0.289 0.310 0.021 28.93 3.23% 1.78 6.16% 0.43% The Bahraini Saudi Bank 0.134 0.133 0.133 -0.001 17.71 0.00% 2.51 14.18% 0.23% Commercial Banks Sector 19.84 3.58% 2.30 11.56% 0.32%
Gulf Monetary Group - - 0.035 0.000 NM 0.00% 0.94 NM 0.00% Arab Banking Corporation ($) 17.000 15.000 16.90 1.80 14.08 4.14% 1.07 7.57% 0.20% ($) United Gulf Bank 0.218 0.195 0.214 0.018 12.53 6.07% 1.74 13.92% 0.03% Investcorp Bank ($) 1500.00 1500.00 1500.00 0.00 13.31 3.33% 1.03 7.74% 0.01% ($) Bahrain & Middle East Bank - - 0.017 0.000 NM 0.00% 0.38 NM 0.00% Bahrain Commercial Facilities Co. 0.760 0.696 0.760 0.062 13.37 4.61% 2.83 21.14% 0.54% United Gulf Industries Co. - - 0.090 0.000 40.72 0.00% 0.94 2.31% 0.00% Taib Bank ($) - - 0.90 0.00 43.53 0.00% 0.72 1.66% 0.00% ($) Shamil Bank of Bahrain ($) - - 1.71 0.00 17.63 4.39% 1.39 7.91% 0.00% ($) Esterad Investment Co. 0.895 0.822 0.895 0.068 8.50 5.03% 1.74 20.42% 0.49% Gulf Finance House ($) 1.260 1.200 1.26 0.00 16.64 11.90% 4.89 16.20% 0.13% ($) Investment Sector 14.62 3.71% 1.26 8.72% 0.13%
Bahrain Kuwait Insurance Co. 0.450 0.444 0.450 0.000 16.83 4.44% 1.52 9.03% 0.35% Al-Ahlia Insurance Co. - - 0.339 0.000 11.92 2.95% 2.05 17.20% 0.00% Arab International Insurance Co. - - 0.080 0.000 NM 0.00% 0.87 NM 0.00% Takaful Insurance Co. - - 0.249 0.000 33.84 2.41% 2.12 6.26% 0.00% Arab Insurance Group ($) 0.970 0.930 0.930 -0.01 18.44 0.00% 1.09 5.89% 0.17% ($) Bahrain National Holding Co. 0.356 0.338 0.356 0.021 15.10 4.21% 1.51 9.99% 0.06% Insurance Sector 17.20 2.18% 1.34 7.92% 0.14%
Bahrain Ship Repairing & Eng. Co. - - 1.440 0.000 18.37 3.47% 1.02 5.57% 0.00% Bahrain Cinema Co. 0.697 0.694 0.697 0.003 9.63 4.30% 1.19 12.39% 0.05% General Trading & Food Process. Co. 0.451 0.437 0.449 0.007 15.55 2.23% 1.85 11.90% 1.30% Bahrain Maritime & Mercn. Int. Co 1.155 0.972 1.010 0.015 8.75 4.95% 3.79 43.31% 0.51% Bahrain Telecommunications Co. 0.960 0.812 0.920 0.087 15.17 4.89% 3.24 21.38% 0.17% () Bahrain Car Parks Co. 0.190 0.182 0.190 0.007 11.42 5.26% 1.31 11.51% 0.02% Bahrain Duty Free Shop Complex 1.340 1.320 1.340 0.040 17.82 2.99% 2.87 16.12% 0.18% Services Sector 14.39 4.69% 3.01 20.94% 0.21%
Bahrain Flour Mills Co. 0.305 0.305 0.305 0.000 9.35 4.92% 0.59 6.34% 0.03% Delmon Poultry Co. - - 0.290 0.000 10.51 5.17% 0.78 7.45% 0.00% Industrial Sector 9.97 5.03% 0.69 6.89% 0.01%
Bahrain Hotels Co. 0.480 0.424 0.480 0.054 26.57 4.17% 2.05 7.72% 0.28% National Hotels Co. 0.240 0.240 0.240 0.010 23.35 3.33% 0.86 3.69% 0.01% Bahrain Tourism Co. 0.277 0.233 0.277 0.041 20.60 3.61% 1.15 5.60% 0.76% Bahrain Family Leisure Co. 0.096 0.096 0.096 -0.001 63.76 0.00% 1.03 1.61% 0.13% Hotel & Tourism Sector 24.82 3.43% 1.33 5.36% 0.30% Total Market 16.19 3.85% 1.77 10.81% 0.22%
Al Khaleej Development Co. - - 1.120 0.000 10.46 2.68% 0.91 8.72% 0.00% Securities & Investment Co. - - - - - - 0.00 9.46% - United Paper Industries - - 0.350 0.000 7.93 4.29% 1.65 20.85% 0.00% Closed Company Sector 10.46 11.21% 0.44 10.16% 0.00%
BankMuscat - - 6.000 0.000 13.53 4.04% 2.12 15.64% 0.00% International Investment Group - - 0.404 0.000 36.82 0.00% 4.03 10.93% 0.00% International Investor - - - - - - - 1.63% - Sudan Telecommunications Co. ($) - - 17.500 0.00 7.27 3.91% 1.36 18.72% 0.00% ($) Qatar Telecom ($) - - 47.000 0.000 14.88 4.27% 5.99 40.26% 0.00% ($) United Finance Company (SAOG) - - 5.700 0.000 12.88 4.14% 1.83 14.24% 0.00% (...) Non-Bahraini Co Sector 13.53 3.97% 3.31 24.47% 0.00% * Change Compared To Last Month’s Closing. NM: Not Meaningful
. * :NM
Monthly Trading Activity
Company Name
Traded (BD)
% of Total Volume
of Shares Traded
No. of Transactions
National Bank of Bahrain 680,926.090 6.50% 745,224 3.49% 36 Bank of Bahrain & Kuwait 1,915,259.370 18.29% 3,019,051 14.13% 300 Ahli United Bank 2,302,992.300 22.00% 9,711,148 45.47% 225 Bahrain Islamic Bank 309,062.200 2.95% 1,048,946 4.91% 49 The Bahraini Saudi Bank 59,900.000 0.57% 450,000 2.11% 3 Commercial Banks Sector 5,268,139.960 50.32% 14,974,369 70.11% 613 Gulf Monetary Group 0.000 0.00% 0 0.00% 0 Arab Banking Corporation 1,254,175.510 11.98% 202,430 0.95% 57 United Gulf Bank 53,763.150 0.51% 258,914 1.21% 25 Investcorp Bank 60,508.500 0.58% 107 0.00% 3 Bahrain Middle East Bank 0.000 0.00% 0 0.00% 0 Bahrain Commercial Facilities Co. 408,081.310 3.90% 574,675 2.69% 54 United Gulf Industries Co. 0.000 0.00% 0 0.00% 0 Taib Bank 0.000 0.00% 0 0.00% 0 Shamil Bank of Bahrain 0.000 0.00% 0 0.00% 0 Esterad Investment Co. 348,258.410 3.33% 413,281 1.93% 92 Gulf Finance House 246,833.400 2.36% 524,450 2.46% 36 Investment Sector 2,371,620.280 22.65% 1,973,857 9.24% 267 Bahrain Kuwait Insurance Co. 78,670.000 0.75% 175,000 0.82% 7 Al-Ahlia Insurance Co. 0.000 0.00% 0 0.00% 0 Arab International Insurance Co. 0.000 0.00% 0 0.00% 0 Takaful International Co. 0.000 0.00% 0 0.00% 0 Arab Insurance Group (Arig) 90,915.910 0.87% 253,616 1.19% 27 Bahrain National Holding Co. 20,807.740 0.20% 61,088 0.29% 9 Insurance Sector 190,393.650 1.82% 489,704 2.29% 43 Bahrain Ship Repairing & Eng. Co. 0.000 0.000% 0 0.000% 0 Bahrain Cinema Co. 7,922.890 0.08% 11,486 0.05% 4 General Trading & Food Proc. Co. 295,154.630 2.82% 665,681 3.12% 81 Bahrain Maritime & Mercantile Intl. Co. 367,579.860 3.51% 371,400 1.74% 40 Bahrain Telecommunications Co. 1,603,763.890 15.32% 1,828,932 8.56% 363 () Bahrain Car Parks Co. 3,340.000 0.03% 18,000 0.08% 2 Bahrain Duty Free Shop Complex 65,174.000 0.62% 49,200 0.23% 4 Services Sector 2,342,935.270 22.38% 2,944,699 13.79% 494 Bahrain Flour Mills Co. 2,110.000 0.02% 7000 0.03% 4 Delmon Poultry Co. 0.000 0.00% 0 0.00% 0 Industrial Sector 2,110.000 0.020% 7,000 0.03% 4 Bahrain Hotels Co. 136,229.220 1.30% 308,069 1.44% 35 National Hotels Co. 2,400.000 0.02% 10,000 0.05% 1 Bahrain Tourism Co. 150,687.250 1.44% 601,500 2.82% 41 Bahrain Family Leisure Co. 4,800.000 0.05% 50,000 0.23% 1 Hotel & Tourism Sector 294,116.470 2.81% 969,569 4.54% 78 Al Khaleej Development Co. 0.000 0.00% 0 0.00% 0 Securities & Investment Co. 0.000 0.00% 0 0.00% 0 United Paper Industries 0.000 0.00% 0 0.00% 0 Closed Company Sector 0.000 0.00% 0 0.00% 0 BankMuscat 0.000 0.00% 0 0.00% 0 International Investment Group 0.000 0.00% 0 0.00% 0 International Investor 0.000 0.00% 0 0.00% 0 Sudan Telecommunications s Co. 0.000 0.00% 0 0.00% 0 Qatar Telecom 0.000 0.00% 0 0.00% 0 United Finance Company (SAOG) 0.000 0.00% 0 0.00% 0 (...) Total Non-Bahraini Co. 0.000 0.00% 0 0.00% 0 Investcorp Preferred Shares 0.000 0.00% 0 0.00% 0 Total Preferred Shares Sector 0.000 0.00% 0 0.00% 0 Total Market 10,469,315.630 100.00% 21,359,198 100.00% 1,499
Company Name ()
Total Market Capitalisation (BD)
% of Total Market Capitalisation
National Bank of Bahrain 432,000,000 9.03% Bank of Bahrain & Kuwait 397,774,688 8.31% Ahli United Bank 705,744,000 14.75% Bahrain Islamic Bank 71,300,000 1.49% The Bahraini Saudi Bank 26,600,000 0.56% Commercial Banks Sector 1,633,418,688 34.13%
Gulf Monetary Group 11,200,000 0.23% Arab Banking Corporation 637,130,000 13.31% United Gulf Bank 171,200,000 3.58% Investcorp Bank 452,400,000 9.45% Bahrain Middle East Bank 6,175,041 0.13% Bahrain Commercial Facilities Co. 76,000,000 1.59% United Gulf Industries Co. 11,301,175 0.24% Taib Bank 34,580,131 0.72% Shamil Bank of Bahrain 148,274,100 3.10% Esterad Investment Company 71,474,700 1.49% Gulf Finance House 194,326,364 4.06% Investment Sector 1,814,061,511 37.91%
Bahrain Kuwait Insurance Co. 22,500,000 0.47% Al-Ahlia Insurance Co. 10,170,000 0.21% Arab International Insurance Co. 3,122,396 0.07% Takaful International Co. 12,450,000 0.26% Arab Insurance Group (Arig) 52,591,500 1.10% Bahrain National Holding Co. 33,286,000 0.70% Insurance Sector 134,119,896 2.80%
Bahrain Ship Repairing & Eng. Co. 11,520,000 0.24% Bahrain Cinema Co. 16,017,018 0.33% General Trading & Food Proc. Co. 22,690,846 0.47% Bahrain Maritime & Mercantile Intl. Co. 72,592,740 1.52% Bahrain Telecommunications Co. 920,000,000 19.23% () Bahrain Car Parks Co. 13,360,274 0.28% Bahrain Duty Free Shop Complex 35,376,000 0.74% Services Sector 1,091,556,878 22.81%
Bahrain Flour Mills Co. 6,557,500 0.14% Delmon Poultry Co. 8,624,739 0.18% Industrial Sector 15,182,239 0.32%
Bahrain Hotels Co. 49,277,860 1.03% National Hotels Co. 24,000,000 0.50% Bahrain Tourism Co. 19,944,000 0.42% Bahrain Family Leisure Co. 3,840,000 0.08% Hotel & Tourism Sector 97,061,860 2.03% Total Market 4,785,401,071 100.00%
Al Khaleej Development Co. 8,444,800 68.69% Securities & Investment Co. - - United Paper Industries 3,850,000 31.31% Closed Company Sector 12,294,800 100.00%
BankMuscat 358,892,130 14.55% International Investment Group 88,653,760 3.59% International Investor - - Sudan Telecommunications Co. 230,849,332 9.36% Qatar Telecom 1,771,900,000 71.84% United Finance Company (SAOG) 16,258,297 0.66% (...) Total Non-Bahraini Companies 2,466,553,519 100.00%
Investcorp Preferred Shares 79,170,000 100.00% Total Preferred Shares Sector 79,170,000 100.00%
Market Capitalisation (BD) ()
Mutual Funds
Issue Manager Fund Name NAV Type Objectives
Islamic Development Bank Unit Investment Fund $1.0199 Open Best possible returns
SICO Funds Company EC SICO Selected Securities BHD 0.1604 Open M/T to L/T capital appreciation
SICO Funds Company EC SICO Assured International Fund (SAIF)
$962.000 Closed To achieve capital appreciation while at the same time offering a protection on the downside risk
SICO Funds Company EC Khaleej Equity Fund BHD 111.600 Open
Is to seek long-term capital appreciation. The Fund will aim to achieve this investment objective by investing principally in equity securities listed on the stock markets of GCC Countries
MAN - AHLI Investment Bank E.C. MAN-AHLI Guaranteed 360 E.C. $1,442.98 Open M/T growth reflected in the value of the Bonds
MAN - AHLI Investment Bank E.C. MAN-AHLI Prisma Guaranteed E.C.
$1,435.87 Open M/T capital appreciation
MAN - AHLI Investment Bank E.C. MAN - AHLI Guaranteed 220 plus E.C.
$1,320.01 Open M/T growth reflected in the value of the Bonds
TAIB Bank E.C. Everest Fund $19.66 Open Attain the highest total return consistent with Prudent risk
TAIB Bank E.C. American Explorer Fund, Ltd $95.30 Open
Seeks to maximize capital appreciation from investing globally in public companies in the technology sector through Sub Investment Managers or other funds
TAIB Bank E.C. Taib Healthsciences Fund (Prev. Biomed Fund)
$83.26 Open L/T capital appreciation
TAIB Bank E.C. Taib Crescent Global Fund $67.28 Open Attain capital appreciation
TAIB Bank E.C. Taib Rocky Mountain Fund $107.52 Open L/T capital appreciation
TAIB Bank E.C. Taib Thames Fund $90.32 Open L/T capital appreciation
TAIB Bank E.C. Taib Technology Growth Fund $33.56 Open L/T capital appreciation
TAIB Bank E.C. Taib Currency Fund $89.85 Open Long-term capital appreciation
TAIB Bank E.C. Taib Income Fund $89.11 Open To earn steady income
Banque Nationale de Paris Caravan Fund $1,200.84 Open High long term total return
First Arabian Equity 2000 Fund First Arabian Equity 2000 Fund $18.38 Open L/T capital growth
Gulf International Bank Global Equity Fund $119.89 Open
To track closely the MSCI world free index in US dollars avoiding invetment in companies primarily associated with industries dealing in non-islamic sectors
Gulf International Bank Enhanced Liquidity Fund $100.07 Open To generate investment returns in excess of one month US dollar LIBOR plus 0.25%
Gulf International Bank Falcon Emerging Market Bond Fund
$857.75 Open To achieve a high total return relative to the benchmark index
Gulf International Bank Falcon US Dollar High Yield Fund
$103.82 Open To achieve a high total return relative relative to the benchmark index
Gulf International Bank High Yield Defensive Fund $871.19 Open
To generate income in excess of its benchmark with limited volatility of principal through an actively managed portfolio of high yield securities
Gulf International Bank Falcon US Long/ Short Equity Fund. (Class A)
$118.78 Open To seek to achieve consistent monthly and annual capital appreciation
Gulf International Bank Falcon Relative Value Fund. $179.87 Open To seek to generate a rate of return in excess of LIBOR.
Gulfinvest Fund International KSC Trust Capital Guaranteed GCC Fund
BHD 1.199 Closed
Gulfinvest Fund International KSC Trust Capital Guaranteed GCC with Minimum Return Fund
BHD 1.093 Closed
BHD 1.177 Closed
ABC Securities 2808 17-535760 17-533012
Abdulla Zain Al-Abedin 1297 17-246661 17-246661
Ahli United Bank 5941 17-221717 17-214485
Bank of Bahrain & Kuwait Financial Services 597 17-229993 17-216164
Gulf Securities 11884 17-272578 17-258780
IndoGulf Securities 33620 17-227778 17-215231
Nassir Abbas Khosrou 20330 17-270661 17-271267
Securities & Investments Co. 1331 17-540666 17-540665
TAIB Securities Co. 20485 17-532324 17-531499
Gulfinvest Securities 10106 17-251888 17-250800
Global Investment House 855 17-210011 17-210222
U.G.B Securities 5964 17-533233 17-533137
Yousif Al-Ajaji 17 17-256035 17-262948
Preferred shares
(Shares)
Closing Price (US$)
Investcorp’s Preferred shares 0 0.000 0 1,050.00
Brokers’ List
Maturity
Coupon Rate
Long term Government Bonds BD 100,000,000 2029 100% Par Value 1.71% **
BCFC Bonds (3rd issue) BD 8,000,000 2005 BD 100 5% **
BCFC Bonds (4th issue) BD 7,000,000 2006 BD 100 5% **
Islamic Govt. Leasing Sukuk $ 100,000,000 2006 $10,000 5.25%*
Islamic Govt. Leasing Sukuk (Second Issue) $ 70,000,000 2005 100% Par Value 4.25% ) (
Islamic Govt. Leasing Sukuk (Third Issue) $ 80,000,000 2007 100% Par Value 4.00%
) (
Islamic Govt. Leasing Sukuk (Fourth Issue) $50,000,000 2005 100% Par Value 3.00% ) (
Islamic Govt. Leasing Sukuk (Fifth Issue) $80,000,000 2006 100% Par Value 3.00% (
)
Islamic Govt. Leasing Sukuk (Sixth Issue) $100,000,000 2008 100% Par Value 3.75% (
) ALBA Floating Rate Bonds 2013 $200,000,000 2013 $1,000 2.1135% 2013 - Government Islamic Leasing Securities - 2008 (7th Issue)
$250,000,000 2008 $10,000 2.182% 2008 -
( ) Convertible Bonds United Finance Company SAOG-2008
RO 500,000 ($ 1,300,000)
2008 RO 1.00 ($ 2.6) 6.00%
(...)
Malaysian Global Sukuk - 2007 $600,000,000 2007 $10,000 LIBOR +0.95% p.a 2007 -
United Gulf Bank Bond - 2006 $60,000,000 2006 - 2008 $100,000 1% P.A.+3 months
Libor 2006 -
Islamic Government Leasing Sukuk (Eighth Issue)-2006 $50,000,000 2006 100% 1.53%
2006 )- (
National Industries Group Holding $60,000,000 2009 $100,000 0.9% P.A. + LIBOR
for 6-month U.S.
The Kingdom of Bahrain Notes - 2008 $500,000,000 2008 1000 -10000
-100000 4.0% 2008
BMA International Sukuk Company (SPC)2009 $250,000,000 2009 $10,000 LIBOR +0.45% 2009
Ijarah Sukuk In Bahraini Dinar By BMA BD 40,000,000 2014 BD 10,000 5.125% p.a.
* Fixed Interest Rate. ** 0.50% Over LIBOR