FINANCIAL NEWS

BNI plans to acquire Al Ahlia Insurance Company majority stake

09 Aug 2013

(MENAFN) A subsidiary of Bahrain National Holding Company (BNH), Bahrain National Insurance Company (BNI), is in its early stages in negotiations with Al Ahlia Insurance Company to acquire the majority stake of Al Ahlia, according to Gulf Daily News.

Al Ahlia Insurance Company, that its major shareholders are expected to provide a good offer to BNI if negotiations proceed, will allow BNI to buy Bahrain Bourse traded shares that makes more than 50 percent of the capital total of Al Ahlia.

The board of Al Ahlia Insurance, its shareholder, and some official and regulatory authorities, including Central Bank of Bahrain and Bahrain Bourse, will be needed to approve the outcome of the ongoing negotiations in accordance with applicable laws.

Both companies will be allowed to manage expanses more efficiently and take advantage of the capabilities of common administrative services and diversified products if the agreement is to be confirmed.

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