MANAMA: Solidarity Group Holding Bahrain has announced the signing and execution of a binding merger agreement between its associate in Saudi, Solidarity Saudi Takaful Co, and Aljazira Takaful Taawuni Company.
The merger between Solidarity Saudi and Aljazira Takaful shall take place through a share swap and is expected to take effect by the end of 2020, following final regulatory and shareholders approvals.
Ashraf Bseisu, group chief executive at Solidarity Group Holding, and vice-chairman of Solidarity Saudi, said, “We are very pleased to announce the signing of the binding merger agreement as the amalgamation between Solidarity Saudi and Aljazira Takaful would create a merged entity with very strong capital base and combined solvency.
“There is tremendous synergy between the two operations and with the combination of life and general takaful operations of each company a lot of value can be unlocked for the merged entity’s shareholders.”
All M&A transactions by the group in the recent past have led to significant value creation for the stakeholders and the same is expected from the merger between Solidarity Saudi and Aljazira that will strengthen the footprint in the largest insurance market of GCC.
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