Moroccan “Al -Wafa” is acquired by the Egyptian -Kuwaiti Holding Holding share in “Delta Insurance” – ryan

The Egyptian -Kuwaiti Holding Company agreed to sell its full share of 63.39% in the Egyptian Delta Insurance Company for the benefit of the Moroccan Wafa Insurance Company, according to Reuters.

Al -Wafa Insurance Company announced today, Monday, that it will acquire the largest share in the “Delta Insurance” as part of its plan to expand its operations within the Egyptian market, as part of an expansion strategy that includes regional expansion in the insurance sector.

The Moroccan company stated, in an official statement, that it made a purchase of 40 pounds per share in “Delta Insurance”, appreciating the company’s value of about 925 million Moroccan dirhams (equivalent to about 100 million dollars or approximately 5 billion Egyptian pounds).

The value of purchasing the share of the Egyptian -Kuwaiti Holding Company

According to those estimates, the value of the purchase of the share of the Egyptian Kuwaiti Holding Company alone is about 63.39 million dollars, equivalent to approximately 3.169 billion Egyptian pounds.

The “Al -Wafa Security” indicated that completing the deal is still conditional on obtaining the approval of the Financial Supervision Authority in Egypt, which is the last organizational step before the official acquisition was carried out.

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It is noteworthy that the “Delta Insurance” is considered one of the leading companies in the insurance sector in the Egyptian market, and the completion of this deal represents a strong entry into loyalty to the Egyptian market, one of the largest insurance markets in the region.

The General Financial Supervision Authority had received a compulsory purchase from the Moroccan “Al -Wafa” company to acquire all the shares of the “Delta Insurance”, with a total value of about 5 billion pounds.

This offer comes within a wave of increasing interest from foreign companies by investing in the Egyptian insurance sector, which is witnessing steady growth in light of the current economic policies that enhance the investment climate.

Purchase of 25 million shares increased from “Delta Insurance”

The Moroccan company submitted its presentation in a previous trading session, as the offer made by the company includes the purchase of 125 million shares, representing 100% of the “Delta Insurance” shares at a purchase price of 40 pounds per share, provided that at least 51% of the shareholders respond to the purchase offer.

The offer submitted by “Al -Wafa Security” explained that the number of shares required to be purchased includes the shares of the increase of 25 million shares of the index in the commercial registry, which will be submitted to be registered on the Egyptian Stock Exchange.