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Ithmaar Holding acquires additional shares in Solidarity Group

Ithmaar Holding acquires additional shares in Solidarity Group
This transaction has increased IB Capital’s shareholding in Solidarity to more than 50%
Ithmaar Holding
ITHMR
-8.33% 0.03 -0.00

Mubasher: Ithmaar Holding, listed on the Bahrain Bourse, Boursa Kuwait, and the Dubai Financial Market (DFM), announced that its wholly-owned subsidiary IB Capital has acquired additional shares in Solidarity Group Holding, listed on the Bahrain Bourse’s insurance sector.

 This transaction has increased IB Capital’s shareholding in Solidarity to more than 50%, Ithmaar said in a statement.

The transaction was subject to audit clearance; therefore, it has been disclosed to the bourses on 13 February 2019 after the completion of auditing the consolidated financial statements of Ithmaaar, the company indicated.

It is worth noting that Ithmaar Holding recorded profits attributed to shareholders for the first quarter of 2019 of $7.106 million, surging 329% from $1.655 million in Q1-18.