Arab Finance: Egyptian Kuwaiti Holding (EKH) has decided to sell the entire 63.39% stake in Delta Insurance Company, according to a bourse filing.

The transaction will be executed at the price offered in the mandatory tender offer (MTO) submitted by Wafa Insurance Company, amounting to EGP 40 per share.

As per the study prepared by the independent financial advisor, the fair value for Delta Insurance Company shares is EGP 39.50.

Delta Insurance had previously approved the fair value report conducted by the independent financial advisor, which showed that its shares are valued at approximately EGP 40.54 per share.

Wafa Insurance Company's offer includes a mandatory purchase of up to 125 million shares, representing 100% of Delta Insurance’s capital, with a minimum execution limit of 51% of the target company's capital, at EGP 40 per share.

The deal will strengthen the company's competitive position and support its growth potential in the Egyptian and regional markets.

In September, Egyptian Kuwaiti Holding’s extraordinary general meeting (EGM) greenlighted rebranding to Valmore Holding.

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