Solidarity Bahrain B.S.C. (BAX:SOLID) proposed a letter of intent to acquire t'azur Company b.s.c. (c) on October 25, 2020. Under the terms of the proposal, the prospective merger would be executed via transfer of business, assets and liabilities from T'azur to Solidarity Bahrain against issuance of ordinary shares in Solidarity Bahrain at a mutually agreed swap ratio. The scope of the proposed merger includes primarily the Bahrain operations (assets and liabilities) of T'azur as well as certain specific assets and or investments relating to its operational presence outside the Kingdom of Bahrain. To approve the increase of the issued and paid up share capital of Solidarity from Bahraini Dinars 12,000,000 represents (120,000,000 shares) to Bahraini Dinars 13,333,333 represents (133,333,332 shares) through the issuance of 13,333,332 new ordinary shares representing this increase, with each new share remaining at a nominal value of BHD 0.100, in favour of the shareholders of T'azur subject to the approval of the regulatory authorities. Solidarity Bahrain B.S.C. (BAX:SOLID) signed a letter of intent to acquire t'azur Company b.s.c. (c) on November 2, 2020. The transaction is subject to obtaining shareholders approval, Central Bank of Bahrain's approval and other regulatory approval. The Board of Directors of t'azur has provided its in-principal acceptance to the letter of intent on November 2, 2020. Solidarity Group expects to finalize the merger during 2021. As of September 7, 2021 in shareholder's meeting to approve Solidarity Bahrain B.S.C. 's acquisition of 100% of the assets, business, and liabilities of the Bahrain operations of T'azur Company B.S.C. (c) and excluding latter's ownership of 70% of the paid-up share capital of T'azur Takaful Insurance Company K.S.C., against the issuance of 13,333,332 ordinary shares in Solidarity Bahrain B.S.C.

As of May 3, 2021 Solidarity would like to announce the completion of due-diligence process in relation to the proposed merger with T'azur. The financial, legal, and actuarial advisors have submitted their reports and the same are currently under consideration. Lux Actuaries & Consultants acted as actuarial advisor, KPMG Fakhro, Investment Banking Arm acted as financial advisor and Hassan Radhi & Associates acted as legal advisor to Solidarity Bahrain B.S.C in the deal. Pricewaterhousecoopers Me Limited, Investment Banking Arm acted as financial advisor to t'azur Company b.s.c. (c). Ma'awia T El-Nayal & Associates acted as legal advisor to t'azur Company b.s.c. (c). AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Solidarity Bahrain B.S.C. (Solidarity Bahrain) (Bahrain) remain unchanged following Solidarity Bahrain's recent announcement that its shareholders have approved the proposed merger of the company with T'Azur Company B.S.C. (T'Azur)

Solidarity Bahrain B.S.C. (BAX:SOLID) completed the acquisition of t'azur Company b.s.c. (c) on January 27, 2022. Central Bank of Bahrain approved the transfer of T'azur whole business related to its Bahrain operations to Solidarity Bahrain which constitutes the effectiveness of merger.