*** ----> Ithmaar Holding hosts annual shareholders’ meeting | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Ithmaar Holding hosts annual shareholders’ meeting

TDT | Manama                                        

The Daily Tribune – www.newsofbahrain.com   

Ithmaar Holding B.S.C., a Bahrain-based holding company, hosted yesterday its Annual General Meeting (AGM) where the consolidated financial statements for 2022 were approved.

The meeting, which was chaired by Ithmaar Holding Chairman, Prince Amr Al Faisal, was held at The Ritz-Carlton Hotel in Seef District and attended by members of the Ithmaar Board of Directors, its executive management team and its Sharia Supervisory Board, as well as representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce, the Bahrain Bourse, and statutory auditors PricewaterhouseCoopers.

“The Group achieved positive outcomes during 2022 despite all the challenges the year posed by global and regional turmoil,” said Prince Amr.

“The Group continued to focus on adding value for its shareholders and had successfully managed to sell some of its key assets to Al Salam Bank during 2022,” he said.

At an Extraordinary General Meeting on 17 March 2022, Ithmaar Holding shareholders approved plans to sell some of the Company’s key assets in Bahrain to Al Salam Bank.

The assets include Ithmaar Holdings’ ownership stake in both BBK and Solidarity Group Holding, one of the largest takaful groups globally and the parent of Solidarity Bahrain, as well as the consumer banking business of Ithmaar Bank, a Bahrain-based Islamic bank and a wholly-owned subsidiary of Ithmaar Holding.

The transaction has been completed effective 7 July 2022.

Following the transaction, Ithmaar Holding is retaining a well-diversified portfolio of international and local financial and other assets, which includes banking businesses both in Bahrain and in Pakistan.