Egypt Kuwait Holding sells 63.4% stake in Delta Insurance to Morocco’s Wafa Assurance for EGP 3.17bn
Egypt Kuwait Holding (EKH) announced the completion of the sale of its entire 63.39% stake in Delta Insurance to Morocco’s Wafa Assurance, under the latter’s mandatory tender offer.
In a statement to the Egyptian Exchange (EGX) on Sunday, EKH said the transaction was executed at EGP 40 per share, bringing the total deal value to approximately EGP 3.169bn (around $67m).
The company added that it recorded a profit of $46m on a standalone basis and $3m on a consolidated basis from the sale.
EKH clarified that the transaction was carried out in accordance with Article 34 of the EGX’s listing and delisting rules, issued under FRA Board Resolution No. 11 of 2014 and its subsequent amendments, following the company’s board approval on 22 October.
The post Egypt Kuwait Holding sells 63.4% stake in Delta Insurance to Morocco’s Wafa Assurance for EGP 3.17bn first appeared on Dailynewsegypt.