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Gulf insurer Solidarity Bahrain is set to go ahead with the plan to acquire two subsidiaries of Bahrain National Holding Company (BNH) for 75 million Bahraini dinars ($200 million).
The company’s board of directors has approved in principle the plan to buy 100% of the issued and outstanding shares of Bahrain National Insurance Company (BNI) and Bahrain National Life Assurance Company (BNL), the insurer said in a filing with Bahrain bourse on Tuesday.
The acquisition is still subject to due diligence, regulatory approvals and other conditions, the statement said.
Last month, Solidarity Group signed a binding offer with BNH for the acquisition.
“The proposed acquisition, which is subject to Central Bank of Bahrain approval, will be thoroughly analysed to assess its impact on Solidarity’s financial position,” the filing said.
(Writing by Cleofe Maceda; editing by Brinda Darasha)