MANAMA: Bahrain-based Al Ahlia to keep its setup as an independent insurance entity after the proposed takeover of a controlling stake by the BNI Group, a top official in Al Ahlia told The24X7News (www.twentyfoursevennews.com) on Monday.
“It has been initially agreed that Al Ahlia will continue to operate as an independent entity even after the proposed controlling stake by the BNI Group,” Al Ahlia Board Chairman Sofyan Adnan Khatib on the sidelines of the company AGM, said.
“This is not selling of the whole entity and basically will be cash injection from BNI Group but Al Ahlia will continue to operate as it is without any major change to the structure etc.,” he said.
The Chairman said that Al Ahlia haven’t had heard anything after the initial talks with BNI Group and said that they would look forward to get a solid business proposal from the BNI Group before the buying and selling of shares take place.
“This is a regulatory requirement that the buying company should present a comprehensive business plan before injecting the money. We hope things will move in the right direction soon so that the proposed plan should take place accordingly,” he added.
Overwhelming majority of 67.78% of Al Ahlia shareholding base has approved the financials for the year 2013.
Al Ahlia reported a net profit of BD2.5million in 2013 compared with BD238000 in 2012. The company had reported BD11.409million gross premium written in 2013 up from BD11.196million in 2012 with net earned premium of BD4.816million compared with BD4.528million respectively. Al Ahlia also reported underwriting profit of BD1.1million in 2013 compared with BD42000 loss in 2012. General and Administration expenses were up from BD807000 in 2012 to BD1.14million in 2013.