Ithmar Holding to sell its stake in Solidarity Group Holding

Ithmar Holding is selling its stake in Solidarity Group Holding to the Islamic finance institution Al Salam Bank.

The sale also includes Ithmaar Bank's banking activities and the holding's stake in Bank of Bahrain and Kuwait (BBK).

This transaction follows the signing of a non-binding memorandum of understanding between the two companies in October 2021.

The deal is still pending the approval of Ithmaar Holding's shareholders and the signing of a definitive agreement.