Solidarity Bahrain held its Annual General Assembly Meeting for the year ended 31st December 2018

Solidarity Bahrain held its Annual General Assembly Meeting for the year ended 31st December 2018

MANAMA, BAHRAIN – 27 March, 2019 – Solidarity Bahrain B.S.C., one of the largest insurance companies in the Kingdom of Bahrain, a subsidiary of Solidarity Group Holding, held yesterday its Annual General Assembly Meeting (“AGM”) for the financial year ended 31st December 2018. The meeting was chaired by Mr. Ashraf Bseisu, Vice Chairman of the Board of Directors and attended by the Company’s board members, representatives from the Ministry of Industry, Commerce & Tourism, Central Bank of Bahrain, Bahrain Bourse and external auditors.

The agenda commenced with the review and approval of the previous AGM minutes, then covered the financial statements’ approval for the financial year ended 31st December 2018, followed by the reports of the external auditors and the Sharia’s Supervisory Board. During the meeting, the shareholders’ approved the distribution of cash dividend of 12.5%, equivalent to 12.5 Fils per share for every one ordinary share held by the eligible shareholders who are listed in the share register on the day of the Annual General Assembly Meeting. The above mentioned cash distribution has been duly approved by the Central Bank of Bahrain and the Ministry of Industry, Commerce & Tourism.

Mr. Ashraf Bseisu, Vice Chairman of the company’s Board of Directors, said: “The merger between Solidarity General Takaful B.S.C (C) and Al Ahlia Insurance Company B.S.C has positioned Solidarity Bahrain as a primary national Insurance player in the Kingdom that provides services to thousands of customers and contributes in the growth of the financial sector”.

In a statement, Mr. Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain stated: “We have successfully overcome the challenges associated with the consolidation of the two companies whereby efficiencies were achieved, synergies were established and customer engagement remained our key focus”. He also added: “This gives us great pride to state that we have remained true to our commitment in becoming the kingdom’s leading Islamic-oriented financial-service company”.