The board of directors of both Bahrain National Insurance Company B.S.C. (c) (bni), a subsidiary of Bahrain National Holding Company (BNH) and Al Ahlia Insurance Company announced that discussions are underway between Bahrain National Insurance Company and a group of major shareholders in Al Ahlia Insurance Company to provide an offer to buy traded shares in Bahrain Bourse which make up more than 50% of the total capital of the company.
Both boards would like to highlight that, at this stage, negotiations are still in the early stages and it should also be noted that there are no obligations set by the two companies as yet. They await the outcome of the ongoing negotiations with the relevant investors, which should be followed by approval of the Board of Directors of Al Ahlia Insurance as well as the final approval by their shareholders, and the official and regulatory authorities, in accordance with applicable laws for Central Bank of Bahrain and Bahrain Bourse.
If the purchase goes ahead, this will allow both companies to manage expenses more efficiently and take advantage of the capabilities of common administrative services and diversified products, as well as strengthen cooperation between the two experienced companies, to better serve the competitive and challenging local insurance market.
The public will be kept informed on developments in a timely manner according to applicable disclosure laws for companies listed in Bahrain Bourse.