Bahrain-based Solidarity Group Holding plans to explore strategic expansion options specifically in its target markets, the company's chairman said.

'The year 2011, which was the ninth successive one since the group commenced operations, was full of challenges,' remarked Khalid Abdulla Janahi after the group's annual general meeting (AGM).

The meeting's agenda included review of the minutes of the previous AGM and its approval, as well as discussion of the final accounts for the last financial year, in addition to hearing the reports of the external auditors and the Sharia Supervisory Board.

'The economic environment and business market in the region are still challenging in view of the continued global financial and regional political difficulties and the continued downturn in the targeted economic activities,' he said.

While reviewing the group's operations for this year, Janahi said: 'Our business model has proved to be successful, and we have managed to realise the goals set as part of the group's strategy in the key markets we operate in through our successful network of subsidiaries and affiliates.'

'We will continue to explore strategic expansion options specifically in our target markets,' he added.

'We are glad that the shareholders believe that Solidarity has laid down a strong foundation through which it can implement the group's strategic plan and explore new potential opportunities,' he said.

Vice-chairman Rashed Al Meer said the group's success is a result of the continuous support we receive from our local and international shareholders.

Chief executive Ashraf Bseisu predicted that challenges facing the financial sector will carry on during the year 2012.
 
'Solidarity will not be immune to these challenges,' said Bseisu.

'We will continue pursuing our strategic goals with cautious optimisation and exploring more options and opportunities available through our vast network of operations, including increasing our Takaful retail business through our flagship subsidiary in Bahrain, Solidarity General Takaful,' he added.-TradeArabia News Service