A Bahraini-owned international wholesale brokerage firm is being liquidated after 25 years of operations, reported the Gulf Daily News.
RP Martin, established in 1976, is being closed down because it is unable to compete against its hi-tech competitors, said the firm's chairman, Yousef Baluchi.
"Our market has been deteriorating because the tendency is electronic," he said.
"We are a traditional brokerage firm and we have been struggling against screen-based service providers."
The operation is too small to go electronic, so it is being liquidated, he said.
The firm uses the name of London-based brokerage house RP Martin under a royalty agreement.
However, the Bahrain operation, which is owned by four Bahrainis, is completely independent of the London firm.
The Bahraini firm was comprised of a total of 11 personnel, including the four owners, of whom 10 were Bahrainis, said the paper.
All the four owners are joining the Bahrain operation of London-based brokerage firm Harlow Butler.
Meanwhile, the liquidation process of RP Martin, being handled by KPMG Fakhro, is expected to be completed in about two months, the paper said – Albawaba.com
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