Mubasher: Arab Insurance Group (Arig), listed on Bahrain Bourse (BHB) and the Dubai Financial Market (DFM), announced that the Central Bank of Bahrain (CBB) has advised BHB on 7 October 2019 to resume trading in Arig’s shares, according to a bourse filing.
On 14 May 2019, the BHB had suspended trading in Arig’s shares until the CBB completes its investigation and receives a clear business strategy from the company.
On the direction of the CBB, Arig’s board of directors decided to appoint the deputy general manager, finance and administration as the acting CEO in the interim, as well as suspended the decision of closing an overseas representative office.
Moreover, the board recommended halting of the underwriting activities as the on the way forward business strategy is subject to regulatory and shareholders’ approval, Arig said.
Accordingly, the board has submitted an application to the CBB to hold an extraordinary general meeting (EGM) in which shareholders can consider and vote on a contemplated cessation of business in line with the relevant provisions of the CBB’s laws and the Bahrain Commercial Companies Law.
Following the proposed EGM, Arig will be addressing the appointment of core business and other critical functions, the filing added.
Arig’s board will be also seeking a proper rating to be made based on the future strategy to be adopted by the company.
Furthermore, Arig’s board will maintain pursuing its objective of better corporate management and governance, in addition to complying with all applicable laws, regulations, and the CBB's rules.
