Bahrain: Solidarity announces merger with t'azur

Source: Middle East Insurance Review | Nov 2021

Solidarity Bahrain said in a statement that its shareholders have approved a proposed merger with t’azur, another takaful provider in Bahrain.

The merger covers t’azur’s operations in Bahrain and was approved by a majority of the two companies’ shareholders at their respective extraordinary general meetings (EGM).

In August, Solidarity announced t’azur board of directors’ acceptance of its intention to make an offer. The merger is subject to further regulatory approvals including from the Central Bank of Bahrain for the transfer of business, assets and liabilities from t’azur to Solidarity, in exchange for shares in Solidarity at a mutually-agreed swap ratio as approved by the shareholders at the EGM.

Solidarity chairman Tawfeeq Shehab said that the vote of approval was a testimony that the shareholders of Solidarity continue to have faith in the company’s ability to plan and execute successful mergers and acquisitions which has become a lynchpin of the company’s expansion strategy in Bahrain. M

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