The General Assembly of Solidarity Bahrain approves distribution of 15% cash dividends

The General Assembly of Solidarity Bahrain approves distribution of 15% cash dividends

MANAMA, BAHRAIN – 29 March 2020 – 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 2019. The meeting was chaired by Mr. Tawfiq Shehab, 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 2019, 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 15%, equivalent to 15 Fils per share for every single ordinary share held by the eligible shareholders. The above-mentioned cash distribution has been duly approved by the Central Bank of Bahrain.

On this occasion, Mr. Tawfiq Shehab, Chairman of the company’s Board of Directors, stated: “Solidarity Bahrain concluded the year by maintaining its position as a leading insurance provider in the Kingdom of Bahrain with its solid and vast performance by introducing new initiatives and achieving distinctive milestones. At Solidarity Bahrain, our customers are at the top of our priorities, and hence, we work constantly to bring out new offerings that can be availed at the comfort of everyone’s home”. He also mentioned: “This year has proven to be a successful and prosperous year, and therefore, we are raising the bars and setting higher stakes to set new standards in the insurance market”.

In a statement, Mr. Jawad Mohamed, Chief Executive Officer, Solidarity Bahrain commented: “We take immense pride and pleasure in Team Solidarity for their steady efforts in continuously actualizing the company’s objectives. This synergy and team effort resulted in many distinguished and innovative digital channels that serve our customers in the best and most efficient way possible. He also added:” the journey of digitizing our services is endless, and we remain true to our commitment in becoming a leading insurance provider in the country”. He also said: “I would like to express my sincere thanks to the Ministry of Industry, Commerce and Tourism, the CBB, and the Bahrain Bourse for their support and assistance, and the company’s shareholders and clients for their continuous support, and to the employees for their hard work, dedication, and loyalty”.