Solidarity Group Holding announced the Completion of T’azur merger with Solidarity Bahrain

Solidarity Group Holding announced the Completion of T’azur merger with Solidarity Bahrain

Manama – Kingdom of Bahrain, January 30, 2022: Solidarity Group Holding, the largest Takaful Group in the world, has announced the successful completion of the merger of T’azur Company B.S.C. (closed) with its flagship subsidiary, Solidarity Bahrain B.S.C. (Trading Code: SOLID). The scope of the merger covers T’azur’s entire takaful operations in the Kingdom of Bahrain.

On this occasion, Ashraf Bseisu, Group Chief Executive of Solidarity Group Holding and Vice Chairman of Solidarity Bahrain, said: “Today we are very pleased to announce the completion of our second merger transaction in Bahrain in a period spanning less than five years. This is a milestone achievement for the Group and for Bahrain’s financial services sector as a whole”.

He continued, “Successful completion of such a complex transaction on schedule is testament that Bahrain is open for business, and myriad challenges posed by the pandemic have not managed to dent its innate strength. Solidarity Bahrain is unequivocally today, a primary national Insurance player providing insurance products and services to thousands of customers and contributing significantly to the growth of the financial services sector in Bahrain.”

He added, “Solidarity Group has become a regional driving force behind M&A transactions in the insurance industry. Execution of multiple highly successful regional M&A transactions have helped the Group create a solid niche amongst national and regional peers. T’azur’s merger with Solidarity Bahrain will further enhance latter’s ability to provide access to a wide range of insurance offerings to both retail and corporate clients. Solidarity will remain committed to our values of further elevating clients’ and business partners’ overall experience to new heights”.

He concluded, “We would like to extend our appreciation and gratitude to the Central Bank of Bahrain, the Ministry of Industry, Commerce and Tourism, Bahrain Bourse, and all the concerned authorities for their invaluable support and guidance throughout. We would also like to extend our sincere thanks to valued shareholders, customers, and remarkable staff team members for their contribution and support towards reaching this unique milestone.”.

It is worth mentioning that T’azur Company and Solidarity Bahrain, had individually held their Extra Ordinary General Meetings on 29th September 2021, where the shareholders of the two companies had approved the merger terms. Pursuant to Shareholder approval and completion of necessary regulatory requirements, T’azur’s Bahrain and Qatar operations have merged with Solidarity with 27th January 2022 being the effective Merger Date.