Mubasher: Al Ahlia Insurance - Bahrain on Wednesday stated that the date mentioned in a media report regarding the consolidation of Solidarity Group Holding's trade record after it acquired 71.4% of Al Ahlia is just an estimated time frame.

Solidarity must first receive regulators’ approvals, such as those by the Central Bank of Bahrain (CBB) and the Bahraini ministries of industries and commerce, as well as tourism, to finalise the merger procedures, Al Ahlia said in a statement to the Bahrain Bourse on Wednesday.

Bahraini newspaper Alayam on Tuesday reported that Solidarity was expected to consolidate its trade record and trade mark in early 2018 after acquiring  71.4% of Al Ahlia late last year.

Al Ahlia turned profitable in the nine months ended 31 September 2016, with profits of BHD 451,590, against losses of BHD 659,890 in the same period of the previous year.