Bahrain Bourse (BHB) plans to establish a new company to provide services in the areas of settlement, depository of securities, custodians, and other services to companies, investors, and other related parties, said a report.

Bahrain Clear Company will be established with an issued capital of BD5 million ($13.1 million) and a paid-up capital of BD1 million ($2.6 million), reported BNA, citing senior company officials.

The announcement was made at the recent BHB Board's meeting under the chairmanship of Abdulkareem Ahmed Bucheeri.

During the meeting, the Board also nominated the new members and executive management of the company.  

The members, who were briefed on BHB’s strategic plan for 2016-2020, agreed to focus on key actions that go in line with the bourse’ vision in the upcoming period.

The Board also approved the financial results for the year ended 31 December 2016 as well as the recommendation to the shareholder to re-appoint the auditor, the report added.