By Avinash Saxena
MANAMA: Sprinkle Holding, a capital markets focused fintech firm, has become the first company to list on the Bahrain Investment Market at the Bahrain Bourse (BHB).
Launched in March 2017 with six authorised sponsors operating in it, the Bahrain Investment Market, or BIM, is an equity market designed for fast-growing companies seeking growth capital.
A Bahrain-based entity with a global establishment of affiliates ranging from the US, Europe, and China, Sprinkle Holding will trade under the symbol SPKL in BIM.
Going forward, these affiliates will become subsidiaries of Sprinkle Holding, which is currently listing as a closed company, and aims to raise capital through public offering within the next two years.
A bell-ringing ceremony was held yesterday at BHB to mark the commencement of trading on SPKL shares in the presence of Industry, Commerce and Tourism Minister Zayed Alzayani, who is also the minister in charge of Bahrain Bourse and Youth and Sports Affairs Minister Aymen Almoayyed.
BHB chief executive Shaikh Khalifa bin Ebrahim Al Khalifa said, “We are proud that a global fintech company has chosen Bahrain as its hub and Bahrain Bourse as its preferred listing exchange, mainly driven by the relaxed regulatory framework that BIM aims to offer. Sprinkle Holding’s value proposition fits in well with the kingdom’s strategy to position itself as a pioneering fintech hub in the region.”
Sprinkle Holding chief executive Alexander Wallin said the company hopes to become the trailblazer of the next generation of companies to be listed on BIM.
“We see a bright future in Bahrain with the strong emphasis of fintech and we wish to be part of the movement which puts Bahrain in the global forefront for a long time to come,” he added.
The authorised sponsor for Sprinkle’s listing on the BIM was Almoayed Chambers.
The sponsors provide support and guidance services to companies interested in BIM to ensure that listing and disclosure requirements are met.
Almoayed Chambers chairwoman Maria Liasides said, “We would like to congratulate Sprinkle Holding and Bahrain Bourse for this monumental listing, and are confident that this will pave the way for future listings and also create awareness of this unique platform introduced by Bahrain Bourse to facilitate economic growth in the SME sector.”
Sprinkle Holding’s financial ecosystem consists of three core services: SprinkleBit, SprinkleBrokerage and SprinkleXchange.
SprinkleBit is a global social network that lower the barriers of entry for retail investors with a free stock simulator that onboards, educates and keeps users informed about the market.
It is one of the few social trading networks which are compliant with US standards and is approved to operate in China.
SprinkleBrokerage is a US-based firm registered with Securities and Exchange Commission and member of Financial Industry Regulatory Authority. It provides a state-of-the-art online trading platform.
SprinkleXchange is one of the first blockchain-based stock exchanges in the world. It has a mix of public, private and cryptocurrency markets, which all are settled using blockchain technology allowing it to trade 24/7 with fractional shares and distributed custody of assets.