Solidarity acquires BNI and BNL for 75 million dinars

In October, shareholders of Bahrain National Holding (BNH) are set to vote on the sale of 100% of the company’s shares to Solidarity Bahrain for a total value of 75 million dinars. The details of the transaction were published in an official notice on the Bahrain Stock Exchange, outlining the full acquisition of BNH by Solidarity.

The deal includes the transfer of nearly 7 million shares in Bahrain National Insurance (BNI) to Solidarity Bahrain for 58,123,625 dinars. Additionally, it involves the sale of 100% of shares in Bahrain National Life Insurance (BNL), which includes the transfer of around 50 million shares to Solidarity for 16,876,375 dinars.

The shareholder vote is scheduled to take place on Thursday, October 3, at the Gulf Hotel. If the quorum is not met, a second meeting will be held on October 20, with a third meeting set for November 4 if necessary. This demonstrates the significance of the transaction for Bahrain National Holding and its potential impact on the company's future.

According to a circular from BNH's board of directors, the company’s authorized capital currently stands at 20 million dinars, with issued and paid-up capital amounting to 11.9 million dinars, divided into 119,175,000 ordinary shares at a nominal value of 0.100 dinars per share. As of June 30, 2024, BNH’s total assets were approximately 124 million dinars, while total liabilities amounted to 50 million dinars, leaving net assets of 74 million dinars.