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Monday, 7 September 2020

Egypt Kuwait Holding raises stake in Delta Insurance to 61.5%

M&A WATCH- Egypt Kuwait Holding (EKH) has raised its stake in Delta Insurance to 61.5% from 56.5% in a EGP 36.2 mn transaction, according to an EGX filing (pdf). EKH received the go-ahead from the Financial Regulatory Authority in 2018 to take Delta private through a mandatory tender offer that would have valued the company at close to EGP 500 mn, but didn’t go ahead with the plan. Other shareholders in Delta currently include individuals from the El Gohary family, which together hold c.28%. Around 8.5% of shares are traded on the EGX, and the remaining 2% is held by minority shareholders.

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