Solidarity Bahrain and Bahrain National Holding Company sign the final sale and purchase agreement

Solidarity Bahrain (trading symbol: SOLID) and Bahrain National Holding (trading symbol: BNH) announced the signing of the final agreements regarding Solidarity Bahrain’s acquisition of 100% of the shares of the wholly owned subsidiaries of Bahrain National Holding Company, namely: Bahrain National Insurance Company BNI, and Bahrain National Life Insurance Company BNL, for a total purchase price of 75 million Bahraini dinars.

The signing took place at the headquarters of Solidarity Bahrain in the Seef district of Manama on Thursday, January 9, 2025, in the presence of representatives of both parties. Completion of the acquisition is subject to regulatory and supervisory approvals, which include the approval of the Central Bank of Bahrain and shareholders.

On this occasion, His Excellency Sheikh Khalid bin Mustahil Al-Mashani, Chairman of the Board of Directors of Solidarity Bahrain, commented by saying: “We are pleased today to announce one of the major deals in Solidarity Bahrain’s history, which strengthens our position as a leading company in the insurance sector in the Kingdom. This achievement represents an important step towards expanding Our market share, enhancing operational scale and delivering greater efficiency and value to our customers. By combining expertise and resources, we aim to build a stronger customer-focused ecosystem capable of meeting the diverse needs of the market and we are confident that this transaction will achieve Significant benefits for our shareholders and customers.”

For his part, Mr. Ashraf Bseiso, CEO of Solidarity Holding Group, said: “This agreement is considered an essential step in Solidarity Bahrain’s strategic journey to strengthen its leadership in the insurance sector in the Kingdom. Through the joining of Bahrain National Insurance Company (BNI) and Bahrain National Life Insurance Company (BNL). To the Solidarity family, we will benefit from their long experience and established market presence to consolidate our position in the Bahraini market and once this acquisition is completed, we are expected to double in size Currently, with the expectation that the total annual insurance premiums will exceed 100 million Bahraini dinars, this achievement will also enable us to provide exceptional services to our customers, strengthening our position as leaders in the insurance sector in Bahrain.”

For his part, Mr. Abdul Hussein Khalil Diwani, Chairman of the Board of Directors of BNH Group, said: “This achievement is the result of continuous efforts for several months and cooperation between all parties concerned. These efforts have played an effective role in achieving this achievement on the ground. My company BNI has “BNL has all the necessary components for continued growth under Solidarity’s ownership. This transaction is a distinctive addition to our achievements, and will provide us with opportunities to deliver sustainable value to our shareholders.”

Mr. Raed Fakhri, CEO of BNH Group, also commented: “Today’s achievement is the result of the tireless efforts made by the work teams from both parties. This deal is considered one of the most important deals in the insurance sector in Bahrain, which sets a new standard for the sector. As for For BNH, the successful completion of the deal will restructure the company’s capital in a way that enhances its liquidity position and provides greater financial flexibility to seize future opportunities and will enable the company to achieve sustainable financial returns for shareholders in the long term.