Shareholders of Ithmaar Holding have approved a plan to sell a few of the company’s assets to Al Salam Bank.
The assets include Ithmaar Holdings’ ownership stake in both Bank of Bahrain and Kuwait and Solidarity Group Holding, as well as the consumer banking business of Ithmaar Bank.
Upon the completion of the plans, the holding company will retain a diversified portfolio of international and local financial and other assets, including banking businesses in Bahrain and Pakistan.
“The plans mark a key milestone in the transformation of the Group’s operations, in line with the strategic decisions taken by the shareholders in 2016,” said the chairman, prince Amr.
“When implemented, the plans will have realized a key component in Ithmaar Holding’s business model of investing, developing, nurturing, growing and then realizing value for its shareholders,” he added.
