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Solidarity elects new board

Manama, May 18, 2008

Bahrain-based Solidarity Group Holding has elected a new board of directors with Khalid Abdulla Janahi as its chairman.

It also held an annual general meeting (AGM) at the Regency InterContinental Bahrain hotel.

Other members of the board include Rashid Ismail Al Meer (vice-chairman), Ziad Hassan Al Rawashdeh, James Beltran, Udo Krueger, Jamil Wafa, Salah Al Jaida, Mansoor Mohamed Al Musleh, Mohammed Bucheerei and Ithmaar Bank co-chief executive officer (CEO) Mohamed Hussain.

Janahi presided over the AGM, at which shareholders approved the directors' report, the auditor's report and the consolidated financial statements.

Earlier this year Solidarity announced a major corporate restructuring, following its increase in paid-up capital from $150 million to $220 million, which saw the creation of a new Solidarity Group to oversee its various subsidiaries and affiliates.

Two new entities, Solidarity Family Takaful Company and Solidarity General Takaful Company, both fall under the umbrella of the Solidarity Group.

The Solidarity Group also owns Takaful Islamic Insurance Company in Saudi Arabia, Solidarity Takafol SA in Luxemburg and other strategic shareholdings in Saudi, Oman, Jordan and Malaysia.

"Solidarity's corporate restructuring into a group holding company will allow it to benefit from the positive effects of consolidation and economies of scale. Solidarity Family Takaful and Solidarity General Takaful, which grew out of divisions within the Group's former structure, will be able to focus on their areas of specialisation, while still following the same long-term strategic goals."

"Fuelled by its recent capital increase, we expect Solidarity Group Holding to direct its subsidiaries, associates and joint ventures towards success," said Janahi.

"Solidarity Group Holding is well on track to further growth and expansion. Its presence in nine different countries across the globe, has us well-positioned to tap into this growth and reinforce our leading position in the takaful market," said Solidarity Group CEO Sameer Al Wazzan.

Solidarity posted a net profit of $7 million for the year ended on December 31, a 31 per cent leap over the previous year.-TradeArabia News Service 




Tags: new | Restructure | Solidarity group | boaard |

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