Arab Finance: Egyptian Kuwaiti Holding (EKH) has received two offers to fully acquire its 63.39%-owned Delta Insurance (DEIN), according to a bourse filing.
Both AXA Investment Egypt and Wafa Assurance submitted a preliminary non-binding offer to merge and fully own Delta Insurance’s shares at an estimated value of EGP 5 billion or EGP 50 per share.
AXA Investment aims to hold a minimum of 75% of the EGX-listed company's shares, while Wafa Assurance seeks to own at least a 51% stake.
Meanwhile, the two deals will be mandatory purchase offers per the laws and regulations applicable in this matter.
Delta Insurance is an EGX-listed company that provides life and non-life insurance and reinsurance services. The company offers its services through two main segments: Corporate Solution Plans, Individual Protection Plans, and Aman El Safar Plan.