MANAMA: Solidarity Bahrain has secured approval from its shareholders for its proposed merger with T’azur, creating one of the largest insurance business in the country.

Extraordinary general meetings of the two Sharia-compliant insurers’ shareholders yesterday saw an overwhelming majority agree to the proposed merger.

The scope of the merger primarily covers T’azur’s takaful operations in Bahrain.

GDN reported in August 2021 that Solidarity had obtained acceptance from the T’azur board of directors of its firm intention to make an offer.

The merger, now having secured final shareholder approval is only subject to further regulatory approvals including in particular the approval 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 in the EGM.

Commenting, Solidarity chairman Tawfeeq Shehab said: “The overwhelming vote of approval is clear 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.”

He also added: “This merger will consolidate Solidarity’s position at the forefront of Bahrain’s financial services industry, as a well-established, highly rated, stable insurance company providing takaful products and services and supporting the overall economic growth of Bahrain.”

Also commenting was vice-chairman Ashraf Bseisu who said: “The seeds of this merger were planted more than a year ago, just as the world began to grapple with a once in a century occurrence of a global pandemic. Despite such unprecedented circumstances, economic uncertainty and financial turbulence, Solidarity was able to maintain a relentless focus on the ultimate goal of bringing this vision to fruition leading to timely achievement of the current milestone.”

He added: “The company will bring to bear the full weight of its extensive expertise to ensure seamless integration of T’azur’s operations with Solidarity while ensuring the continuation of smooth and seamless services and offerings to customers and stakeholders of either organisation.”

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