Al Ahlia Insurance in initial talks to sell stake to BNH

April 2, 2014 9:27 am

Bahrain-based Al Ahlia Insurance has said it will retain a separate corporate and brand identity, despite the proposed acquisition of controlling stake by Bahrain National Holding Group (BNH), Gulf Daily News has reported. The proposed deal had not moved beyond initial talks, during which the two entities were in agreement over Al Ahlia’s status, and a solid business proposal from the acquirer is yet to be tabled, said Al Ahlia chairman, Sofyan Adnan Khatib. “This does not mean selling of the whole entity to BNH and basically would be a cash injection from the new majority stakeholder… Al Ahlia would continue to operate as it is without any major change to the structure,” he said. “We hope things move in the right direction soon,” he added.