MANAMA: Solidarity Group Holding, the largest takaful group in the world, has completed the merger of T’azur Company with its flagship subsidiary, Solidarity Bahrain.

The scope of the merger covers T’azur’s entire takaful (Sharia-compliant insurance) operations in Bahrain.

Commenting, 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.”

Mr Bseisu further 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 the latter’s ability to provide access to a wide range of insurance offerings to both retail and corporate clients.”

The official had told the GDN earlier that the transaction would create a business with a “significantly large portfolio, wide array of products and leverage the synergy between the two operations to enhance value for all stakeholders”.

Plans for the merger were first announced in Q4 2020 and the process was initiated over the course of last year, with the merger being executed via a transfer of business, assets and liabilities from T’azur to Solidarity Bahrain, in exchange for shares in Solidarity.

In lieu of the merger Solidarity issued 13,333,332 new ordinary shares to T’azur shareholders which led to an increase in its paid-up capital.

Pursuant to shareholder approval and completion of necessary regulatory requirements, T’azur’s Bahrain and Qatar operations have merged with Solidarity with January 27, 2022 being the effective merger date.

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