According to a disclosure by Egypt Kuwait Holding Company to the Egyptian Exchange (EGX), Delta Insurance Company, a subsidiary of Egypt Kuwait Holding (63.39% owned), has received two non-binding expressions of interest for a potential acquisition of its shares.
AXA Investment Egypt submitted an interest dated December 8, 2024, proposing a cash offer to acquire up to 100% of Delta Insurance shares, directly or indirectly. The preliminary offer values the company at EGP 5 billion, with an initial price of EGP 50 per share, targeting at least 75% ownership through a mandatory purchase offer.
Wafa Assurance, also on December 8, 2024, expressed interest in acquiring up to 100% of Delta Insurance shares. Their proposal mirrors AXA's with an estimated valuation of EGP 5 billion (EGP 50 per share) but seeks a minimum 51% ownership via a mandatory purchase offer.
Both companies interested in purchasing have also stated in their letters that the price offered is an estimated and preliminary price based on several assumptions and conditional on the completion of a comprehensive due diligence review on the company at the discretion of the two companies wishing to buy.
Therefore, the price is subject to adjustment either upwards or downwards. Both companies have requested approval to conduct a comprehensive due diligence review, all provided that they obtain the approval of the Financial Regulatory Authority and other relevant regulatory authorities, whether inside or outside Egypt.
Accordingly, the Board of Directors of Delta Insurance Company met on December 8, 2024, to review the letters from parties interested in purchasing Delta Insurance Company shares and decided the following:
Notifying the Financial Regulatory Authority and the Egyptian Exchange of the letters received from AXA Investment Egypt and Wafa Assurance interested in purchasing Delta Insurance Company’s shares.
Studying the letters received from parties interested in purchasing Delta Insurance Company shares, and meeting again as soon as possible after the study to make the necessary decision.
Appointing an independent legal advisor to follow up on the legal procedures in this regard.
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