Bahrain’s Al Baraka Banking Group has delisted its shares on Nasdaq Dubai effective May 12, according to a disclosure on Friday. 

The company, which gained a 78 percent increase in net income for the first quarter of 2022, clarified that it will remain listed on the Bahrain Bourse. 

The Dubai Financial Services Authority (DFSA) and Nasdaq Dubai had recently confirmed the proposed removal of the company’s shares from the official list of securities and the removal of the shares from trading on Nasdaq. 

The delisting was approved by the company’s board last February. The company had said that continuing to list on Nasdaq is not “commensurate with the benefits”, citing that 95 percent of the issued shares are regularly traded on the Bahrain Bourse. 

“From the effective date, the shares are removed from the official list of securities and from trading on Nasdaq Dubai,” the company said. 

“Nasdaq Dubai will transfer the relevant shareholder’s shares to such shareholder’s trading account on the Bahrain Bourse, or if such shareholder is yet to open a trading account its shares will be transferred to a non-trading account on the Bahrain Bourse, pending the opening of a trading account.”  

(Writing by Cleofe Maceda; editing by Seban Scaria)