Arab Finance: Wafa Insurance Company, a 63.39%-owned subsidiary of Egypt Kuwait Holding Company (EKH), submitted a mandatory tender offer (MTO) to fully acquire Delta Insurance Company, with a minimum execution of 51% of the shares, as per a statement by the Egyptian Exchange (EGX).
The EGX disclosed the offer price at EGP 40 per share for purchasing up to 125 million shares.
The offer is valid for 20 days, starting from September 29th's trading session until the end of October 27th's trading session.
All the necessary procedures are currently being prepared for discussion by EKH's board of directors, upon which a decision will be taken after finalizing the fair value (FV) study prepared by the independent financial advisor.
Meanwhile, the Financial Regulatory Authority (FRA) approved publishing the MTO prospectus.