Cairo – Mubasher: The Egyptian Exchange (EGX) has approved to start implementing Egypt Kuwait Holding’s (EK holding) compulsory buyout of Delta Insurance’s shares during the period from 4 February to 1 March 2018.
The transaction will be valid for five consecutive days until the offer ends, the EGX added in a statement on Sunday.
Last week, the Financial Regulatory Authority (FRA) has approved the compulsory purchase offer proposed by EK Holding on 67.97% of Delta Insurance share at EGP 20 per share.
On 3 January, EK Holding has submitted the FRA a compulsory purchase offer of about 66.9% of Delta Insurance’s capital at EGP 20 per share.
EK Holding last said that it has obtained the regulators' approval to take over a 99% stake in Delta Insurance’s capital.
Delta Insurance’s capital totals EGP 100 million over 25 million shares at a nominal value of EGP 4.
