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FRA on Sunday, Egypt’s Financial Regulatory Authority (FRA) authorized the Kuwaiti Gulf Insurance Group’s (GIG) subsidiary GIG Egypt’s takeover of AIG Egypt for EGP196.97 M ($6.41 M), according to a recent statement by FRA.
AIG Egypt is part of the American International Group (AIG). The share price in the pending offer is EGP 164.14, with a minimum execution rate of 75% of the capital shares. However, GIG Egypt aims to buy all 1.2 M shares.
GIG, Kuwait’s largest insurer, has a significant presence in other Gulf nations including Egypt.
The acquisition is expected to contribute to the flourishing of the Egyptian insurance sector, which is a vital part of the Egyptian economy.
